Lithuania: Pon.Bike opens bicycle factory in Kedainiai

The world’s largest bicycle manufacturer, Dutch-based Pon.Bike, has opened a new production facility in Kedainiai in central Lithuania, BNS reports. The company invested EUR 57mn in the factory, which will produce up to 450,000 bicycles per year. The facility, located in the Kedainiai Free Economic Zone (KLEZ), will employ around 600 people. Under an agreement with the government, Pon.Bike will pay no corporate tax in Lithuania for up to 20 years. Bicycles accounted for around 1.5% of Lithuania’s total exports in 2023.