Few companies embody the U-S-A more than that of Harley-Davidson, the iconic motorcycle maker that's been producing "hogs" since 1903.
Cruising
25 years ago Harley-Davidson could do little wrong. Every time the company increased production, demand would rise to meet it. As a uniquely American brand the loyalty of its customer base, many of whom owned multiple Harley-Davidson's, drove revenue and profits higher and higher. The company hit a $10bn, then $15bn and eventually a $20bn valuation.
The financial crisis eventually took the fizz out of HOG's share price, but that overshadowed a more fundamental problem for the company: younger people just weren't interested in buying motorcycles, and Harley-Davidson's customers were getting older, and fewer in number.
Riding into the future
Recognizing this growing problem, Harley-Davidson announced an electric bike under the brand LiveWire. That was back in 2014, and LiveWire is now about to go public, after being spun out by Harley-Davidson as a separate company. Its valuation expected to be around $1.8bn (roughly a third of the main company).
Clearly, that launch has been a success, and yet it hasn't been enough. Even with one of the biggest electric bike brands, motorcycle sales at Harley-Davidson have declined steadily since 2014, and the company's valuation is back to where it was in the late 90s. Harley-Davidson needs another trick.
