The cooperation between KYMCO, the nation’s largest motorbike brand, and Harley-Davidson Inc on the development of electric motorcycles would be mutually beneficial, Kwang Yang Motor Co (光陽工業) chairman Allen Ko (柯勝峰) said yesterday.
“As the auto and motorcycle industry faces a critical turning point, this first-of-its-kind partnership in the business of motorcycles will create a new dimension in the electric motorcycle market,” Ko told a news conference in Taipei.
Harley-Davidson on Monday announced that it would list its electric motorcycle division, LiveWire, on the New York Stock Exchange through special purpose acquisition company AEA-Bridges Impact Corp.
Photo: Amy Yang, Taipei Times
The partners would invest US$100 million each, it said.
“LiveWire’s mission is to be the most desirable electric motorcycle brand in the world,” Harley-Davidson chairman and acting CEO Jochen Zeitz said in a prerecorded video shown at the Taipei event.
LiveWire would be the world’s first listed electric motorcycle company, Zeitz said, calling it a “milestone.”
Once the transaction is finalized, Ko said his company is expected to own a 4 percent stake in LiveWire and play a role as a strategic partner, while Harley-Davidson would hold 74 percent of the shares.
The two companies can tap into each other’s resources and strengths to build a shared platform through LiveWire, creating synergies for both sides, Ko said.
The partnership would also help elevate the Taiwanese brand’s image and increase its exposure, creating more possibilities for its own electric motorbike business, he said.
Harley-Davidson said that the transaction would have to be approved by AEA-Bridges shareholders, stock exchanges and other entities.
The US company said it expects the deal to close in the first half of next year.
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