American motorcycle manufacturer Harley-Davidson has just announced its latest strategy which sets out its roadmap for the coming years.
As part of a plan it calls "More Roads to Harley-Davidson", the company expects to spend $675 million-$825 million over the next four years, chop costs and generate $5.9 billion-$6.4 billion in revenue in 2022.
The company's growth plan through 2022 includes attracting those who have never owned a motorcycle, developing smaller urban dealerships and "unlocking new markets and segments", the company said in a statement Monday.
Harley also plans to introduce new products to its portfolio starting in 2020, including a modular 500cc to 1250cc middleweight platform of motorcycles, in addition to improving its Touring and Cruiser bikes.
"We're going to be doubling down on existing products", Harley-Davidson CEO Matt Levatich told CNBC on Monday.
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LiveWire will be followed by additional models through 2022 to broaden the portfolio with lighter, smaller and even more accessible product options.
Harley-Davidson will launch both the bikes in 2020, albeit with some changes possibly. Besides, Harley will also roll out at least five new custom models and nine new streetfighters including a 975 cc model by the end of this decade. That will give the company more broad distribution in the largest and fastest-growing motorcycle markets.
Harley have also indicated that they have a range of small electric motorcycles under development, some of which appear to be more bicycle like than motorcycle. It will also make moves to enhance dealerships and introduce smaller urban retail stores in global markets to reach potential customers who are the key for volume sales.
Industry experts have said electric motorcycles - that have no gears or clutch and are a far cry from Harley's loud, bulky cruising bikes - may not appeal to loyal Harley fans.
"The company believes its accelerated strategy is in line with and reinforces its objectives to drive revenue growth and expand operating margins", it said. "There are a lot of different adventure-touring products out there but certainly our style and our approach is truly Harley-Davidson".