To get a VO2Max figure from cycling, you need a power meter. (there are too many variables like wind speed, TT v endurance bike, etc to calculate this from speed and gradient alone).
As Performance Condition requires a VO2Max figure, no power meter = no Performance Condition.
You can get a VO2Max and Perf Cond from running with HR and GPS alone.
The watch will use a running VO2Max to calculate cycling training status and training load, but not Perf Cond.
