FILE PHOTO: A Harley-Davidson Inc. logo is seen at the Paris auto show in Paris, France, October 4, 2018. REUTERS/Benoit Tessier
(Reuters) – Harley-Davidson Inc moved into kids electric bikes on Tuesday with the purchase of California-based StaCyc Inc, banking on a new business outside its declining core market in classic motorcycles.
“The StaCyc electric two-wheelers will provide an entry point for the youngest riders to enjoy the thrill of riding,” Harley said in a statement.
Harley’s loud, bulky and expensive cruising bikes, preferred by baby boomers, have not been a hit with the millennials, as many of them are possibly spending their income to pay off home, auto and student loans.
The company, whose bikes can cost upwards of $28,000, last year unveiled a plan to introduce cheaper, nimbler motorcycles to woo young riders.
Harley’s first electric motorcycle without the traditional clutch and gear-shift controls is expected to launch by fall this year.
StaCyc’s ‘EDRIVE’ two-wheelers retail in the range of $649 and $699, Harley said, without disclosing the price of its purchase.
Reporting by Ankit Ajmera in Bengaluru; Editing by Shinjini Ganguli