MILWAUKEE (AP) - Iconic motorcycle maker Harley-Davidson is jumping into the hot market for electric bicycles.
The Milwaukee-based company has unveiled a new brand known as Serial 1 Cycle Co., taking the nickname of Harley-Davidson’s first motorcycle.
Serial 1 brand director Aaron Frank says the e-bicycle market is going gangbusters right now, largely due to COVID-19.
“With the pandemic, people were looking for a safe way to exercise and get out of the house, and people in cities were looking for a way to safely commute that didn’t involve a subway or a bus,” Frank said.
The electric bikes have a small motor and a battery that generates power assistance beyond just pedaling.
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, the Milwaukee Journal Sentinel reported.
The Serial 1 bikes are designed and developed in Milwaukee and are manufactured in Taiwan. They are expected to hit the market early next year. Prices have not yet been disclosed.
Harley-Davidson said Tuesday that it posted third quarter net income of $120 million, up 39% from the same time in 2019, as the company seeks to revitalize its brand.
The higher results came despite the company selling fewer motorcycles during the third quarter.
Please read our comment policy before commenting.