Harley-Davidson has decided to foray into new territory. The company announces that move months after CEO Matthew Levatich had to resign because of a decline in sales of iconic motorcycles. The American bike manufacture has now decided to shift focus on the electric or e-bicycle market. Named Serial 1 Cycle Company, the company plans to launch its first product in the market in March 2021. The name of the new brand comes from the nickname for Harley-Davidson’s oldest known motorcycle – Serial Number One. The new business idea started deep inside the Product Development Center of the company. The company said in a statement that its capability of developing world-class products and leadership in two-wheel electric propulsion will help in the new business.
The announcement has been made at a time when the E-bike industry is booming in the wake of the coronavirus pandemic. The industry was over USD 15 billion in 2019 and is expected to grow at least 6 percent in the next five years, the company said. The company has released several photos of the product without providing any specifications or performance details. The move will highlight the iconic bike manufacturer’s effort to quickly react to consumer demand and market conditions. Aaron Frank, brand director for Serial 1 Cycle Company, said that pandemic has forced people to look for safer options to exercise.
“People are looking for commutation when they step out of their houses during this pandemic. They don’t want to use buses and other such options. Bicycle is the best option for this and that is why the sales are just through the roof right now,” Frank said. According to The NPD Group, sales of bicycles that are priced over USD 1,000 witnessed a sharp growth in Jun 2020. The sale of E-bike has posted a gain of 190 percent. The Serial 1 Company is planning to launch paddle-assist electric bicycles. As they are considered a bicycle, it can be easily ridden anywhere you would ride a normal bicycle.