Harley-Davidson has launched a new electric bike business and plans to launch its first line of products in the spring of 2021.
The new business, called Serial 1 Cycle Company, started as a project in the motorcycle maker's product development center. The name comes from "Serial Number One", the nickname for Harley-Davidson's oldest famous motorcycle.
The pedal assist electric bike company is founded in a booming e-bike industry driven by the growing demand for the COVID-19 pandemic. The global eBicycle market was estimated at over $ 15 billion in 2019 and is expected to grow more than 6% annually from 2020 to 2025, according to Harley-Davidson.
The new Harley-Davidson brand Serial 1 did not provide any performance details or other specifications of their new line of electric bicycle products. However, the company released several photos of its first model.
The restart of the business also comes at a critical time for the Milwaukee-based motorcycle maker, whose sales have slowed as its core customer base ages out of its motorcycles.
In July, Harley-Davidson cut 700 jobs from its global business as part of an internal reorganization plan called "The Rewire". The plan, first addressed by Harley-Davidson Chairman, President and CEO Jochen Zeitz, in the company's earnings report in April, followed the launch of the company's first production electric motorcycle, Livewire.
"By founding Serial 1, Harley-Davidson can play a key role in this mobility revolution and Serial 1 can focus exclusively on the eBicycle customer and offer an unparalleled driving experience based on freedom and adventure," said Aaron Frank, the brand of des new company director said in a statement.
Harley-Davidson said Jason Huntsman is the president of Serial 1 Cycle. The rest of the executive team consists of Ben Lund, Vice President of Product Development, and Hannah Altenburg, Lead Brand Marketing Specialist.