Harley-Davidson’s latest annual report for 2024 paints a troubling picture for the iconic motorcycle brand. The company recorded a staggering 60% drop in motorcycle revenue and sold 53% fewer bikes in the last quarter of the year compared to the same period in 2023. This downturn is alarming for a company with such a historic legacy, raising concerns about its future trajectory.
The financial struggles were evident across Harley’s business units. Harley-Davidson Motor Company (HDMC), responsible for combustion-powered motorcycles, parts, and accessories, reported $420 million in Q4 revenue—down 47% from the previous year. Worse, the unit suffered an operational loss of $214 million. LiveWire, the company’s EV division, saw its revenue decline by 32%, further contributing to the overall slump. Total annual revenue for Harley-Davidson in 2024 stood at $5.19 billion, an 11% decline from 2023, while total operating income plummeted by 47% to $417 million.
Motorcycle shipments were also significantly affected, with Harley delivering 148,862 units worldwide—a 17% drop compared to 2023. Sales saw a negative trend in all key regions: North America (-13%), Europe, Middle East, and Africa (-7%), Asia Pacific (-26%), and Latin America (-7%). Economic instability and high interest rates have been cited as key reasons for the decline, but other brands like Triumph and MV Agusta have managed to thrive despite similar conditions.
Harley-Davidson has announced a reduction in motorcycle shipments to help dealers manage excess inventory. However, following the disappointing financial report, the company’s stock price dropped by 3%. Looking ahead, Harley expects its revenues to remain flat or decline by another 5% by the end of 2025, with earnings per share following a similar downward trend.
