Harley-Davidson has launched a new business dedicated to electric bicycles and plans to launch the first line on the market in the spring of 2021.
The new business called Serial 1 Cycle Company started as a dev project. The name comes from "Serial Number One", the name of the oldest Harley-Davidson motorcycle.
The global e-bike market is estimated to have exceeded $ 15 billion in 2019 and is projected to grow at an annual rate of over 6% by 2020 to 2025, according to Harley-Davidson.
The new Harley-Davidson Serial 1 brand does not provide performance details or other specifications of the new electric bike line, however, the company has released many photos of its first model.
The new business model comes at a critical time for the Milwaukee company, which has recently seen its sales slow.
In July, Harley-Davidson cut 700 jobs from its global operations as part of an in-house restructuring plan called "The Rewire". The plan, which Harley-Davidson chairman and CEO Jochen Zeitz first spoke to on the call in the first quarter of 2020, was followed by the launch of the first electric motorcycle, the Livewire.
See the new bike: