In a recent Schedule 14A SEC filing, H-D noted that "Balancing pay-for- performance with shareholder alignment is a hallmark of our executive compensation program." The filing went on to record the Human Resources Committee of the Board of Directors ("HRC") having approved a 2023 Supplemental LiveWire STIP (Short-Term Incentive Plan) payment of $1.5m for CEO Jochen Zeitz in recognition of his success in separating LiveWire from H-D, successfully standing it up as a separate company, and recruiting a highly qualified CEO for LiveWire in Karim Donnez - "in order to reinforce the objectives of The Hardwire strategy and successfully develop and implement LiveWire's strategies. The LiveWire spin-off in September 2022 was directly tied to a Hardwire strategic priority to lead in electric."
Polaris has released its 2023 'Geared For Good Report' detailing its "continued focus on operating in a responsible manner to support its employees, riders, communities where it operates and in the outdoors." CEO Mike Speetzen says the four foundational pillars of its 'warm and fuzzy' commitment to 'play nice' are to Think Product, Think Production, Think Places and Think People. All that "thinking outside the box" will have been good practice!
The troubled, cash-starved electric motorcycle industry continues to rack up casualties. Of particular interest to us here at AMD has been the announcement that the manufacturer of the premium spec and premium priced Arc Vector finally waived the white flag of surrender, filing for bankruptcy protection in the UK. Insanely expensive and originally funded by Jaguar Land Rover, it had already had to 'reorganize' at least once (in 2019 to our certain knowledge) and renamed itself Arc V Ltd. In 2021, CEO Mark Truman blamed distribution issues in the U.S. for its downfall. According to Visor Down, Arc has only ever delivered 11 of its stylish but over-ambitious and predictably doomed electric motorcycle project, including to Hollywood actor and businessman Ryan Reynolds and to Middle Eastern Royalty.
Not before time, and with kudos maximus to Yamaha, the FIM Women's Circuit Racing World Championship (WorldWCR) launches its inaugural season in 2024 with 24 riders using identical high-torque 689 cc Yamaha YZF-R7s as a 'spec' bike. There will be six rounds in 2024, starting at the legendary Misano circuit in Italy (Emilia-Romagna, June 14-16). After stops in the UK, Portugal, Hungary and Cremona, Italy, the series will finish with a Prometeon Spanish Round at the Circuito de Jerez - Angel Nieto, on October 18-20. Described as a "pioneering single-make series exclusively for aspiring female riders," it is a "a bold step towards inclusivity, offering emerging talent an equal footing with the MOTUL FIM Superbike World Championship." Addressing disparities, "it opens doors to benefits on and off the track. As a dedicated space for women in professional racing, the WorldWCR breaks stereotypes, increases representation, and inspires the next generation." Cool. Grow the sport, grow the sport, grow the sport, ka ching; www.worldsbk.com
In a move that smacks of desperation and militates directly against the stated advantages of getting LiveWire production out of Milwaukee and away from Harley's conventional platforms, LiveWire operations are being moved to, yes, you guessed it - Milwaukee! The LiveWire team will be relocated to the historic Juneau Avenue site, which has been mostly vacant since the pandemic and where production ceased in 1973. The switch means trying to move staff to Wisconsin from its present Mountain View, CA. 'laboratory'. "We expect the consolidation of our operations in Milwaukee at Harley-Davidson's historic headquarters at Juneau Avenue to bring synergies and efficiencies, as well as a closer connection to our heritage," Karim Donnez, LiveWire CEO. H-D CEO Jochen Zeitz was rather more clear-eyed about the decision, stating that the relocation would reduce LiveWire's costs. The electric motorcycle spin-off brand's revenue fell 39% in Q1, even though it sold a few more bikes. Zeitz says it will cut about 10% of the headcount and 15% of the cost related to employees. LiveWire has about 230 employees in the U.S. The move should reduce operating losses by about $10m this year. LiveWire sold 117 bikes in the first quarter of 2024, up from 63 in the same period of 2023, despite which operating losses were $29m.
