Motorcycle fans looking for an electric vehicle option could be in luck soon with leader Harley-Davidson Inc (NYSE:HOG) set to unveil a new electric motorcycle next week.
What Happened: An electric motorcycle from LiveWire, a unit of Harley-Davidson, is set to be unveiled on May 10, according to a new teaser video and an Electrek report.
The new model is called the Del Mar and will be in the middleweight motorcycle sector.
The existing LiveWire One has a top speed of 110 miles per hour and hits 100 horsepower. The new LiveWire model is expected to be a toned-down version that will make it cheaper and more attractive to more motorcycle riders. The LiveWire One has a price tag of $21,999.
LiveWire was spun out from Harley-Davidson and is in the process of going public as a stand-alone company under a SPAC merger with AEA-Bridges Impact Corp (NYSE:IMPX). Harley-Davison will maintain majority ownership of the company after the SPAC merger with an expected 74% ownership.
Related Link: Harley-Davidson Spinning Off EV Unit LiveWire Via SPAC Deal: What Investors Should Know
Why It’s Important: Having a new electric motorcycle model with a cheaper price point could help LiveWire attract existing motorcycle drivers to make the switch.
The Harley-Davidson unit has a goal of hitting 100,000 electric motorcycle units sold by 2026. LiveWire intends to be an industry-leading electric motorcycle company.
“By building on Harley-Davidson’s 118-year lineage, LiveWire’s mission is to be the most desirable electric motorcycle brand in the world, leading the electrification of the sport,” said Harley-Davidson CEO Jochen Zeitz.
LiveWire has a brand presence in North America and Europe and plans on expanding into additional markets, including Asia.
LiveWire sees an addressable market size of $20.4 billion by 2030 versus a market size of $2.5 billion in 2021.
The electric motorcycle company plans on utilizing several methods to sell the motorcycles including stores-in-stores, gallery stores and pop-up retail stores. Harley-Davidson has more than 1,400 global locations, which could serve as a launching point for LiveWire.
The SPAC merger is expected to close in mid-2022.
The new LiveWire motorcycle unveiling next week could help boost the interest in electric motorcycles and also bring attention to both Harley Davidson and the AEA-Bridges SPAC.
Price Action: Harley-Davidson shares trade at $38.49 versus a 52-week range of $32.13 to $52.06.
AEA-Bridges Impact trades at $9.95 versus a 52-week range of $9.69 to $10.32.
Photo: LiveWire motorcycle (not Del Mar) courtesy Harley-Davidson
