Harley-Davidson Inc (NYSE:HOG) has unveiled its first electric motorcycle model under Project LiveWire, which is a lightweight, silent and shiftless version of its monstrous two wheeler.
Harley-Davidson is known for its big, cruiser and touring motorcycles, while the company also operates in Financial Services segment.
HOG’s LiveWire electric motorcycle was launched by Harley-Davidson’s president Matt Levatich, but the company will start the hard-core production of the vehicle in coming years, not so soon. The company has plans to start a test drive initiative in some cities across United States.
LiveWire bikes can go from 0 to 60 mph in less than four seconds. Matt Levatich, President and Chief Operating Officer, Harley-Davidson Motor Company said in a statement:
“America at its best has always been about reinvention. And, like America, Harley-Davidson has reinvented itself many times in our history, with customers leading us every step of the way. Project LiveWire is another exciting, customer-led moment in our history.”
On Monday, Harley-Davidson will be holding an invitation-only event in New York City, where the attendees can test ride the new LiveWire models to provide feedback to the company. Similarly, Harley-Davidson Motor Company will also held the similar test ride tour across the country in 29 more cities. The company will then consider the feedback from its test riders to refine and fine tune the new model before launching it in coming years. We can see the new models entering to the market in next 2-3 years.
That means, the company is looking for the future business with eco-friendly motorcycles, but it want to keep the steps slower after getting considerable amount of feedback from its users. As of now, the full-sized electric two-wheeler-market has no market-share and it’s considered as most risky venture for the company.
Meanwhile, there are millions of electric two-wheeled vehicles in the market, but those are limited to scooters and moped-kind of bikes that appeals to Asian markets such as Malaysia, Indonesia and China. We have already seen some concept electric two wheeler motorcycles from BMW, but it never came out of the prototypes yet.
However, the situation will be completely helpful for the company, as it has the marketing power to create demand for the LiveWire and it could also help Harley-Davidson to reduce the manufacturing costs, increase charging stations and improvize the technology involved in the segment.
The main setback for the electric bikes are the current generation batteries, which takes 30 minutes to one hour of recharging time and it has to be recharged every 130 average miles.
Yesterday, Harley Davidson stock traded in bullish and jumped 0.33% with 1.89 million traded shares, while the average volume of the stock remained 1.20 million shares. NYSE:HOG stock closed at $70.14 and the 52-week history of the stock remained in $49-$74.13 range.