Harley-Davidson Inc. has completed its spinoff of electric motorcycle division LiveWire EV LLC, according to a Milwaukee Business Journal report. The transaction for the spinoff was announced in December 2021, and the company began trading on the New York Stock Exchange this week. LiveWire EV raised about $334 million in gross proceeds through the transaction. LiveWire has virtual headquarters, with initial hubs in Milwaukee and in California’s Silicon Valley, which is the location for LiveWire Labs.
Harley-Davidson will retain a 74% stake in LiveWire after the spinoff and will invest $100 million into the transaction, as will KYMCO Group of Taiwan, which may manufacture smaller-size LiveWire models.
Harley sold 461 LiveWire bikes in 2021, generating $9 million in vehicle revenue, and estimates it will sell 957 this year with $20 million in vehicle revenue, according to a prospectus.
