US-based motorcycle major Harley-Davidson on Monday said that it is developing a "small-displacement motorcycle" for India and other Asia markets.
"The plan centres on bold new product introductions and is largely geared to expanding Harley's appeal in faster-growth global markets", William Blair analyst Sharon Zackfia said.
Harley, known for its car-alarm triggering engine rumble, will roll out an electric motorcycle called LiveWire next year, with no clutch and no gears.
Laying out a plan it calls "More Roads to Harley-Davidson", the company expects to spend $675 million United States to $825 million U.S. over the next four years, looks to chop costs and generate more than $1 billion USA of incremental annual revenue in 2022.
The move will also "enable accessible price point for premium small displacement market entry", Harley-Davidson added.
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Harley-Davidson said it plans to develop a 200-500cc motorcycle through a strategic alliance in Asia which will be used to primarily fuel its growth in India. But the company has no plans to pull back on manufacturing its big bikes and its new products will include more technology-advanced Touring and Cruiser motorcycle as well.
First, the motorcycle market in the USA has been in decline for years.
Levatich said Harley-Davidson is an apolitical business. The plan is meant to support H-D's 2027 market objectives with the addition of several new models, including a couple outside its traditional cruiser market.
About 46 per cent of riders are over 50 and only about 10 per cent are 30-34.
The businessman criticised the company's decision to move production of motorcycles sold in Europe overseas in order to avoid European Union tariffs against American exports.
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It also plans to add "lighter, smaller and more accessible products" through 2022 in its electric motorcycles portfolio.
US sales slid 6.4 percent in the most recent quarter, and they're down 8.7 percent at the halfway point of the year.
Sales in Canada fell 0.5 per cent over the past 3 months, and are down 4.9 per cent over the past six months.
The Milwaukee-based firm will grace the adventure touring space as well as introducing five new motorcycles under LiveWire electric family.
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The brand has a reputation for making large engined motrocycles built for cruising comfortably at high speed.