Harley-Davidson, Inc. (NYSE:HOG) is launching a new brand focused on its LiveWire all-electric motorcycle.
What Happened: LiveWire was introduced in 2019 as a standalone product. Beginning this summer, LiveWire will be marketed through Harley-Davidson dealers as an independent brand, with dedicated showrooms in select locations starting in California.
The new brand is the first offering in the Milwaukee-based company’s Hardwire Strategy, a strategic plan announced in February that maps out business expansion routes through 2025.
“One of the six pillars of The Hardwire Strategy is to lead in electric,” said Jochen Zeitz, chairman, president and CEO of Harley-Davidson.
“By launching LiveWire as an all-electric brand, we are seizing the opportunity to lead and define the market in EV.”
Why It Matters: The first offering of the LiveWire brand is scheduled to be unveiled publicly at the International Motorcycle Show July 9 in Irvine, California.
Harley-Davidson, not unlike other vehicle manufacturers, had a rough financial stretch during the coronavirus pandemic — the company reported a 32% year-over-year decline in revenue during the fourth quarter of 2020.
By focusing on an all-electric brand, the company is seeking the best of both worlds: the continuation of the fuel-powered traditional Harley-Davidson motorcycles and a line of electric models that will appeal to those focused on vehicular sustainability.
“With the mission to be the most desirable electric motorcycle brand in the world, LiveWire will pioneer the future of motorcycling, for the pursuit of urban adventure and beyond,” Zeitz added. “LiveWire also plans to innovate and develop technology that will be applicable to Harley-Davidson electric motorcycles in the future.”
Harley-Davidson’s announcement follows recent news from Honda Motor Company (NYSE:HMC) that it plans to introduce four new electric motorcycle models beginning in 2024.
HOG Price Action: Harley-Davidson shares were down 1.39% at $47.38 at last check Tuesday.
(Photo by Andreas Lischka/Pixabay.)