At a bicycle trade fair in Stuttgart, Germany, steep discounts on brand-new models hint at the turmoil roiling the industry now that a pandemic-fuelled cycling craze has faded. In the face of falling demand, stocks have been piling up at the dealers. "We've already offered discounts of 20/30 percent," explains a manager at Radzentrum Nagold. "The war between Russia and Ukraine has played a role, inflation has risen and people are thinking twice about what to do with their money," adds Oliver Arlt, manager at Electrolyte. Sales at the company were down 15 percent last year. IMAGES AND SOUNDBITES ARRANGED IN SEQUENCES