MILWAUKEE — Iconic motorcycle maker Harley-Davidson is jumping into the hot market for electric bicycles.
The Milwaukee-based company has unveiled a new brand known as Serial 1 Cycle Co., taking the nickname of Harley-Davidson’s first motorcycle.
Serial 1 brand director Aaron Frank says the e-bicycle market is going gangbusters right now, largely due to COVID-19.
“With the pandemic, people were looking for a safe way to exercise and get out of the house, and people in cities were looking for a way to safely commute that didn’t involve a subway or a bus,” Frank said.
The electric bikes have a small motor and a battery that generates power assistance beyond just pedaling.
The global e-bicycle market was estimated to be over $15 billion in 2019 and projected to grow at an annual rate of more than 6% from 2020 to 2025, the Milwaukee Journal Sentinel reported.
The Serial 1 bikes are designed and developed in Milwaukee and are manufactured in Taiwan. They are expected to hit the market early next year. Prices have not yet been disclosed.
Harley-Davidson said Tuesday that it posted third quarter net income of $120 million, up 39% from the same time in 2019, as the company seeks to revitalize its brand.
The higher results came despite the company selling fewer motorcycles during the third quarter.