Meet the eHog… Harley-Davidson’s electric-motorcycle division, LiveWire, aims to go public in a $1.8B SPAC deal and become the world’s first publicly traded e-motorcycle company. LiveWire has been part of Harley for a decade, and it spun off as a separate unit in 2019. Its only product is the LiveWire One, a $22K e-motorcycle with a 146-mile range. Harley’s stock surged 16% yesterday on the news. FYI: Harley will still own ¾ of LiveWire.
Old hog, new tricks… Harley has struggled to attract millennials for years: The brand’s average customer was 48 years old when Harley stopped reporting buyer stats in 2008, and last year its sales were down 40% from their 2006 peak. But Harley has boosted profits in recent quarters by cutting costs. Now the 118-year-old brand plans to keep the momentum going by tapping into the surging popularity of EVs.
- The early bird may get the worm: Rivian’s market cap has soared past $100B — more than both Ford and GM — since it became the first public e-truck biz last month.
- As gas prices soar, electric motorcycles could become an increasingly appealing option — especially in crowded European cities where parking is trés hard.
We haven’t seen a “My Bike’s Electric” tattoo before… We don’t yet know whether there’s a strong demand for e-motorcycles. But motorcycle sales this year are on track to hit their highest point in a decade, and the electric motorcycle and scooter market is growing as gas prices skyrocket and e-charging options spread. LiveWire isn’t the only e-hog in the race: Zero, Sondors, and Energica all sell e-motorcycles — and for a fraction of the cost of LiveWire’s.