Yahoo Finance Harley-Davidson is getting into the electric bicycle business
Harley-Davidson has spun out a new business dedicated to electric bicycles and plans to bring its first line of products to market in spring 2021.
The new business, called Serial 1 Cycle Company, started as a project within the motorcycle manufacturer's product development center. The name comes from "Serial Number One," the nickname for Harley-Davidson's oldest-known motorcycle.
The pedal assist electric bicycle company is being launched amid a booming e-bike industry fueled by growing demand in the wake of the COVID-19 pandemic. The global e-bicycle market was estimated to be over $15 billion in 2019 and projected to grow at an annual rate of more than 6% from 2020 to 2025, according to Harley-Davidson.
The new Harley-Davidson brand Serial 1 didn't provide performance details or other specs of its new line of electric bike products. However, the company did release several photos of its first model.
Image Credits: Harley-Davidson
The new business launch also comes at a critical time for the Milwaukee-based motorcycle manufacturer, which has seen its sales slow as its core customer base ages out of its motorcycles.
In July, Harley-Davidson cut 700 jobs from its global operations as part of an internally branded restructuring plan called "The Rewire." The plan, which Harley-Davidson chairman, president and CEO Jochen Zeitz first spoke about in the company’s first-quarter earnings call back in April, followed the launch of the company's first production electric motorcycle the LiveWire.
"The formation of Serial 1 allows Harley-Davidson to play a key role in this mobility revolution while allowing Serial 1 to focus exclusively on the eBicycle customer and deliver an unmatched riding experience rooted in freedom and adventure," Aaron Frank, the new company's brand director said in a statement.
Harley-Davidson said Jason Huntsman is president of Serial 1 Cycle. The rest of the executive team includes Ben Lund, who is vice president of product development and Hannah Altenburg as lead brand marketing specialist.
