WATCH: Iconic motorcycle company Harley Davidson’s electric vehicle division Livewire will go public via a SPAC merger deal valued at $1.7 billion
The Harley Davidson LiveWire electric motorcycle, developed in collaboration with Panasonic Automotive, is displayed during a Panasonic news conference at the 2019 Consumer Electronics Show in Las Vegas, Nevada, U.S. January 7, 2019. REUTERS/Steve Marcus
"If anything this underlines what we've been saying for a long time. Detroit, wake up! The train has left the station! EVs are inevitable," Roth Capital analyst Craig Irwin said. "Many traditional OEMs with emerging EV businesses can obviously do similar spinoff transactions," Irwin added.Jochen Zeitz, Harley's chief executive, will be the chairman of LiveWire for up to two years following the completion of the deal. In an investor presentation, LiveWire projected units sales volume of 100,961 electric bikes by 2026.
Harley-Davidson will retain a 74% stake in the company, which is expected to list on the New York Stock Exchange under the symbol "LVW". ABIC's shareholders will own about 17%.Reporting by Aishwarya Nair in Bengaluru, Additional reporting by Mehnaz Yasmin; Editing by Shailesh Kuber, Sweta Singh and Saumyadeb ChakrabartySubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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