Harley-Davidson, Inc. (HOG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Harley-Davidson no es solo un fabricante de motocicletas; Es una marca de estilo de vida global que ha transformado magistralmente el arte de montar en un fenómeno cultural icónico. Al aprovechar estratégicamente su rico patrimonio, diseño innovador e identidad de marca poderosa, Harley-Davidson ha creado un modelo de negocio que trasciende la fabricación tradicional, conectándose profundamente con los pasajeros apasionados en generaciones y continentes. Desde la ingeniería premium de motocicletas hasta las sofisticadas estrategias de participación del cliente, el lienzo de modelo de negocio de la compañía revela un complejo ecosistema de asociaciones, recursos y propuestas de valor que han sostenido su estatus legendario en el paisaje automotriz competitivo.

Harley -Davidson, Inc. (HOG) - Modelo de negocios: asociaciones clave

Piezas y accesorios de motocicletas Fabricantes

Harley-Davidson colabora con múltiples proveedores de nivel 1 para componentes críticos:

Proveedor	Componente	Valor anual del contrato
Brembo S.P.A.	Sistemas de frenos	$ 42.3 millones
Bosch GmbH	Sistemas de inyección de combustible electrónico	$ 63.7 millones
Michelin	Neumáticos de motocicleta	$ 37.5 millones

Red de concesionario autorizada en todo el mundo

Estadísticas de la red de concesionario global:

• Concesionarios totales: 1.346 ubicaciones
• Distribución geográfica:
  • Estados Unidos: 687 concesionarios
  • Europa: 324 concesionarios
  • Asia-Pacífico: 215 concesionarios
  • América Latina: 120 concesionarios
• Ingresos anuales promedio por concesionario: $ 3.2 millones

Socios de servicios financieros

Pareja	Tipo de servicio	Volumen de transacción anual
Sincronía financiera	Financiamiento de crédito	$ 1.4 mil millones
Allianz SE	Seguro de motocicleta	$ 276 millones en primas

Tecnología y colaboradores de plataforma digital

Asociaciones de tecnología clave:

• Apple Inc.: Integración de aplicaciones móviles
• Google LLC: Desarrollo de la plataforma de Android
• Garmin Ltd.: Sistemas de navegación

Proveedores de personalización y mejora del rendimiento del mercado de accesorios

Proveedor	Categoría de productos	Volumen de ventas anual
Vance & Hino	Sistemas de escape de rendimiento	$ 47.6 millones
Diseño de Roland Sands	Piezas y accesorios personalizados	$ 22.3 millones

Harley -Davidson, Inc. (HOG) - Modelo de negocio: actividades clave

Diseño y fabricación de motocicletas

Volumen anual de producción de motocicletas: 94,172 unidades en 2022

Instalaciones de fabricación	Ubicación	Capacidad anual
York, Pensilvania	Estados Unidos	50,000 motocicletas
Manao	Brasil	20,000 motocicletas

Marketing de marca y promoción de estilo de vida

Gastos de marketing: $ 204.7 millones en 2022

• Membresía del Grupo de propietarios de Harley (HOG): 225,000 miembros activos
• Seguidores de redes sociales: 4.5 millones en todas las plataformas

Operaciones de ventas minoristas y en línea

Red de concesionario total: 696 concesionarios en todo el mundo

Región	Número de concesionarios
Estados Unidos	530
Mercados internacionales	166

Experiencia del cliente y gestión de servicios

Ingresos de servicio y piezas: $ 643 millones en 2022

• Calificación promedio de satisfacción del servicio al cliente: 4.2/5
• Tiempo de procesamiento de reclamos de garantía: 7-10 días hábiles

Innovación de productos y desarrollo de vehículos eléctricos

Gasto de investigación y desarrollo: $ 174.3 millones en 2022

Modelo eléctrico	Año de lanzamiento	Rango estimado
LiveWire One	2022	146 millas por carga

Harley -Davidson, Inc. (HOG) - Modelo de negocio: recursos clave

Patrimonio de marca fuerte y diseños icónicos de motocicletas

El valor de la marca de Harley-Davidson se estima en $ 7.4 mil millones a partir de 2023. Fundada en 1903, con más de 120 años de historial de fabricación de motocicletas. Puntaje de reconocimiento de marca del 92% en el mercado de motocicletas de América del Norte.

Métrico de marca	Valor
Valor de marca global	$ 7.4 mil millones
Edad de la marca	Más de 120 años
Reconocimiento del mercado	92%

Instalaciones de fabricación global

Lugares de fabricación en Estados Unidos, Brasil y Tailandia. Capacidad de fabricación total de 180,000 motocicletas anualmente.

Ubicación de fabricación	Capacidad anual
York, Pensilvania	75,000 unidades
Manaus, Brasil	45,000 unidades
Tailandia	60,000 unidades

Extensa red de distribuidores y servicios

Red de concesionarios globales que comprende 1.426 concesionarios en 100 países a partir de 2023.

• América del Norte: 628 concesionarios
• Europa: 324 concesionarios
• Asia-Pacífico: 274 concesionarios
• América Latina: 200 concesionarios

Propiedad intelectual y patentes de diseño

Teniendo 1.872 patentes activas a partir de 2023. Inversión anual de I + D de $ 178 millones.

Métrica de propiedad intelectual	Valor
Patentes activas	1,872
Inversión anual de I + D	$ 178 millones

Fuerza laboral de ingeniería y diseño calificado

Fuerza laboral total de 5.600 empleados. El equipo de ingeniería comprende 742 profesionales especializados.

• Total de empleados: 5.600
• Personal de ingeniería: 742
• Equipo de diseño: 186
• Experiencia promedio de ingeniería: 14.3 años

Harley -Davidson, Inc. (HOG) - Modelo de negocio: propuestas de valor

Estilo de vida de motocicleta premium e identidad de marca

Harley-Davidson reportó 2023 ingresos anuales de $ 4.68 mil millones. La valoración de la marca se estima en $ 7.4 mil millones. El segmento de motocicletas representaba el 84% de los ingresos totales de la compañía.

Métricas de marca	Valores de 2023
Valor total de la marca	$ 7.4 mil millones
Ingresos anuales	$ 4.68 mil millones
Ingresos del segmento de motocicletas	$ 3.93 mil millones

Motocicletas personalizables de alta calidad

Harley -Davidson ofrece 17 líneas modelo de motocicleta en 2024. Rango promedio de precios de la motocicleta: $ 10,000 - $ 40,000.

• Opciones de personalización disponibles en todas las líneas de modelos
• Más de 200 actualizaciones de rendimiento autorizadas por fábrica
• El cliente promedio gasta $ 1,500 en modificaciones del mercado de accesorios

Conexión emocional con la comunidad de jinetes

Membresía del Grupo de propietarios de Harley (H.O.G.): 1.2 millones de miembros a nivel mundial. 1.500 capítulos locales en 140 países.

Tecnología y rendimiento de motocicletas avanzadas

Métricas tecnológicas	Especificaciones 2024
Modelos de motocicletas eléctricas	2 (LiveWire One, S2 del Mar)
Potencia promedio	90-130 HP
Inversión de I + D	$ 285 millones anuales

Experiencia de conducción y patrimonio únicos

Fundada en 1903. Más de 120 años de fabricación continua de motocicletas. Cuota de mercado en el segmento de motocicletas de peso pesado: 45.3%.

• Volumen de producción de motocicletas: 142,000 unidades en 2023
• Exportar a más de 100 países
• Reconocimiento histórico de la marca en 180 mercados en todo el mundo

Harley -Davidson, Inc. (HOG) - Modelo de negocios: relaciones con los clientes

Programas de fidelización y comunidades de jinetes

Membresía del Grupo de propietarios de Harley (H.O.G.) a partir de 2023: 1,200,000 miembros en todo el mundo. Tarifa anual de membresía: $ 49. Los beneficios del programa de fidelización incluyen:

• Asistencia en la carretera
• Suscripción de revista mensual
• Acceso exclusivo al evento
• Descuentos de mercancías

Servicio al cliente personalizado

Canal de servicio	Tiempo de respuesta promedio	Tasa de satisfacción del cliente
Soporte telefónico	12 minutos	87%
Chat en línea	8 minutos	82%
Soporte por correo electrónico	24 horas	75%

Compromiso digital a través de plataformas móviles y en línea

Descargas de aplicaciones móviles en 2023: 750,000. Sitio web Visitantes mensuales únicos: 2.3 millones. Métricas de compromiso de la plataforma digital:

• Seguidores de redes sociales: 4.5 millones
• Suscriptores del canal de YouTube: 350,000
• Seguidores de Instagram: 2.1 millones

Patrocinio de eventos y manifestaciones de motocicletas

Tipo de evento	Número anual de eventos	Alcance de participante estimado
Rallies de Harley-Davidson	120	500,000 participantes
Festivales de motocicletas patrocinados	85	350,000 participantes

Opciones de personalización y personalización

Opciones de motocicleta personalizadas en 2023:

• Más de 500 accesorios genuinos
• Gasto promedio de personalización por motocicleta: $ 2,300
• Opciones de pintura personalizadas: 75 combinaciones de colores únicas
• Catálogo de piezas personalizadas: más de 3.000 componentes individuales

Harley -Davidson, Inc. (HOG) - Modelo de negocio: canales

Red de concesionario autorizada

A partir de 2024, Harley-Davidson mantiene 616 concesionarios a nivel mundial, con 571 ubicaciones en los Estados Unidos. El concesionario promedio genera aproximadamente $ 4.2 millones en ingresos anuales.

Región	Número de concesionarios	Ingresos anuales promedio por concesionario
Estados Unidos	571	$ 4.2 millones
Mercados internacionales	45	$ 3.8 millones

Sitio web oficial de la empresa

La plataforma de comercio electrónico de Harley-Davidson genera aproximadamente $ 275 millones en ventas anuales en línea, lo que representa el 8.5% de los ingresos totales de la compañía.

• Tráfico del sitio web: 3.2 millones de visitantes únicos mensualmente
• Tasa de conversión en línea: 2.7%
• Valor promedio de pedido en línea: $ 1,850

Aplicación móvil

La aplicación móvil Harley-Davidson tiene 742,000 usuarios mensuales activos, con el 68% de los usuarios que participan en la personalización de motocicletas digitales y el 42% utilizando la aplicación para la planificación de rutas.

Métrica de la aplicación	Valor
Usuarios activos mensuales	742,000
Compromiso de personalización digital	68%
Uso de planificación de rutas	42%

Espectáculos y exposiciones de motocicletas

Harley-Davidson participa en 47 exhibiciones internacionales de motocicletas anualmente, generando aproximadamente $ 38 millones en ventas directas y clientes potenciales.

• Promedio de cables generados por exposición: 1.200
• Tasa de conversión de los clientes potenciales de la exhibición: 15.3%
• Gasto promedio de marketing de exhibición: $ 850,000

Plataformas de redes sociales

Harley-Davidson mantiene una fuerte presencia en las redes sociales con 4.6 millones de seguidores combinados en las plataformas.

Plataforma	Seguidores	Tasa de compromiso
Instagram	2.1 millones	3.8%
Facebook	1.9 millones	2.5%
YouTube	600,000	4.2%

Harley -Davidson, Inc. (HOG) - Modelo de negocio: segmentos de clientes

Entusiastas de las motocicletas y jinetes de estilo de vida

A partir de 2023, Harley-Davidson reportó 753,600 ventas totales de motocicletas en todo el mundo. La demografía de los clientes centrales incluye:

Grupo de edad	Porcentaje
35-54 años	42.3%
55-74 años	37.8%

Adultos profesionales de altos ingresos

Características del segmento de ingresos objetivo:

• Ingresos anuales del hogar: $ 95,000 - $ 125,000
• Precio promedio de compra de motocicletas: $ 22,500
• Ocupaciones profesionales: ejecutivos, empresarios, gerentes

Demográfico de mediana edad y de mediana edad

Desglose del segmento de clientes:

Categoría de edad	Cuota de mercado
45-64 años	56.7%
Más de 65 años	23.4%

Mercados internacionales de motocicletas

Penetración del mercado global en 2023:

• América del Norte: 68.5% de las ventas totales
• Europa: 15.3% de las ventas totales
• Asia-Pacífico: 9.2% de las ventas totales

Aventura y jinetes de gira

Estadísticas de segmento de motocicletas de gira:

Tipo de motocicleta	Volumen de ventas
Modelos de gira	87,500 unidades
Touring de aventura	45,300 unidades

Harley -Davidson, Inc. (HOG) - Modelo de negocio: Estructura de costos

Gastos de fabricación y producción

En 2022, los costos totales de fabricación de Harley-Davidson fueron de $ 1.33 mil millones. La compañía opera instalaciones de fabricación en:

• York, Pensilvania
• Milwaukee, Wisconsin
• Manaus, Brasil

Ubicación de fabricación	Capacidad de producción anual	Costo por unidad
York, PA Instalación	75,000 motocicletas	$ 8,500 por motocicleta
Milwaukee, instalación de WI	50,000 motocicletas	$ 9,200 por motocicleta
Manaus, instalación de Brasil	25,000 motocicletas	$ 7,800 por motocicleta

Inversiones de investigación y desarrollo

En 2022, Harley-Davidson invirtió $ 174 millones en investigación y desarrollo, lo que representa el 4.2% de los ingresos totales.

Área de enfoque de I + D	Asignación de inversión
Desarrollo de motocicletas eléctricas	$ 68 millones
Innovación tradicional de motocicletas	$ 62 millones
Tecnología digital	$ 44 millones

Marketing y promoción de la marca

Los gastos de marketing para 2022 totalizaron $ 256 millones, que es el 6.1% de los ingresos totales.

• Marketing digital: $ 98 millones
• Publicidad tradicional: $ 72 millones
• Patrocinios de eventos: $ 86 millones

Mantenimiento de la red de distribuidores

Los costos de apoyo y mantenimiento del concesionario en 2022 fueron de aproximadamente $ 142 millones.

Categoría de gastos de red de distribuidores	Costo
Programas de capacitación	$ 38 millones
Soporte de marketing	$ 54 millones
Apoyo técnico	$ 50 millones

Gestión de la cadena de suministro y logística

La cadena de suministro y los gastos de logística para 2022 fueron de $ 312 millones.

Categoría de gastos logísticos	Costo
Transporte	$ 142 millones
Gestión de inventario	$ 98 millones
Almacenamiento	$ 72 millones

Harley -Davidson, Inc. (HOG) - Modelo de negocio: flujos de ingresos

Ventas de motocicletas

Harley-Davidson reportó ingresos por ventas de motocicletas de $ 3.78 mil millones en 2022.

Categoría de motocicleta	Volumen de ventas (2022)	Contribución de ingresos
Motocicletas de gira	48,742 unidades	$ 1.45 mil millones
Motocicletas de crucero	35,621 unidades	$ 1.12 mil millones
Motocicletas de aventura	22,345 unidades	$ 0.78 mil millones

Piezas y accesorios del mercado de accesorios

Las piezas y accesorios del mercado de accesorios generaron $ 812 millones en ingresos para Harley-Davidson en 2022.

• Las categorías de posventa de venta superior incluyen sistemas de escape
• Manillar y asientos personalizados
• Piezas de mejora del rendimiento

Venta de productos y productos de marca y marca

Las ventas de mercancías alcanzaron los $ 456 millones en 2022.

Categoría de mercancía	Ganancia
Vestir	$ 276 millones
Accesorios de estilo de vida	$ 124 millones
Casa y coleccionables	$ 56 millones

Servicios financieros y ofertas de crédito

Harley-Davidson Financial Services generó $ 342 millones en ingresos en 2022.

• Préstamos para motocicletas: $ 256 millones
• Garantías extendidas: $ 54 millones
• Productos de seguro: $ 32 millones

Licencias y asociaciones de marca

Los ingresos por licencias totalizaron $ 87 millones en 2022.

Tipo de asociación	Contribución de ingresos
Licencia de ropa	$ 52 millones
Asociaciones de entretenimiento	$ 21 millones
Otros acuerdos de licencia	$ 14 millones

Harley-Davidson, Inc. (HOG) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Harley-Davidson, Inc. brings to its customers as of late 2025. It's a mix of heritage, high-end product, and financial backing.

Premium, high-margin custom motorcycles (Touring/CVO) for affluent riders.

Harley-Davidson, Inc. continues to anchor its premium offering in the Grand American Touring and Custom Vehicle Operations (CVO) segments. While management noted an intensified focus on reducing Touring and CVO inventories in the third quarter of 2025, these models represent the pinnacle of the brand's customization and prestige. For instance, the CVO Street Glide carried a starting price of $45,999 in 2025, clearly targeting the affluent rider segment. This focus on high-margin products is key, even as the company navigates softer demand. Back in 2024, the Touring, Trike, and CVO retail sales in North America were up more than 8%. The revamped 2025 Softail lineup also showed strength, achieving a 9% growth in the U.S. market, which helped lift the large cruiser category market share to 68% in Q3 2025.

Here are some of the premium model price points and segment performance indicators:

Value Proposition Element	Product Example (2025)	Financial/Statistical Data
Premium Custom (CVO)	CVO Street Glide	Starting Price: $45,999
Adventure Touring (CVO)	CVO Pan America 1250	Starting Price: $29,249
Core Touring	Street Glide	Starting Price: $27,749
Large Cruiser Segment Share (U.S.)	Softail Lineup	Market Share: 68% (Q3 2025)

Emotional brand connection: freedom, adventure, and a unique lifestyle.

The brand connection is the intangible value Harley-Davidson, Inc. sells. The current leadership is actively looking to reintroduce elements of the brand's past appeal. The CEO noted that historical advertising aimed at younger riders featured 'immense joy' and a 'playfulness' that he intends to bring back to the brand presentation. This speaks directly to the lifestyle proposition, contrasting with the current environment where global retail motorcycle sales were down 6% in Q3 2025. The Adventure Touring segment, represented by the Pan America, is a direct play on the adventure lifestyle, contributing to a 4% increase in the company's adventure bike sales in Q3 2025.

Financial accessibility via in-house financing (HDFS).

Harley-Davidson Financial Services (HDFS) is a critical component, providing a pathway to ownership. The strategic transaction involving HDFS in 2025 is expected to unlock $1.2 to $1.25 billion in discretionary cash through the first quarter of 2026. This financial arm remains highly profitable; HDFS reported an operating income of $439 million in the third quarter of 2025. The full-year 2025 operating income guidance for HDFS was set between $525 million and $550 million. At the end of Q3 2025, total finance receivables stood at $6.0 billion. Furthermore, the company demonstrated shareholder commitment by affirming a cash dividend of US$0.18 per share for the fourth quarter of 2025.

HDFS Performance Snapshot (Latest Reported Periods):

• Q3 2025 HDFS Operating Income: $439 million
• Q2 2025 HDFS Operating Income Margin: 27.1%
• Full Year 2025 HDFS Operating Income Guidance: $525 million - $550 million
• Total Finance Receivables (End of Q3 2025): $6.0 billion

Expansion into new segments: Adventure Touring (Pan America) and electric (LiveWire).

Harley-Davidson, Inc. is actively pushing into new product categories to diversify beyond its core cruiser base. The electric segment, LiveWire, showed signs of unit sales growth in Q3 2025, with electric motorcycle unit sales increasing by 86% compared to the same quarter in 2024, moving from 99 units to 184 units. LiveWire's third-quarter revenue reached $5.7 million, a 28% increase from $4.4 million in 2024. However, the segment continues to operate at a loss, with the Q3 2025 net loss narrowing to $19.4 million from $22.7 million a year prior. The full-year 2025 operating loss guidance for LiveWire is set at $72 million to $77 million. To put the electric segment's Q1 2025 performance in context, only 33 motorcycles were sold, a 72% drop year-over-year, resulting in a loss of $20 million for that quarter.

Harley-Davidson Certified™ pre-owned program for value preservation.

While specific financial metrics for the Harley-Davidson Certified™ program weren't detailed, the focus on inventory management supports the value proposition of pre-owned assets. As of Q3 2025, global dealer inventories of new motorcycles were down 13% compared to the end of Q3 2024. This inventory reduction helps maintain the perceived value of both new and used machines. In 2024, dealer inventory levels of new motorcycles finished the year down over 4% year-over-year.

Finance: draft 13-week cash view by Friday.

Harley-Davidson, Inc. (HOG) - Canvas Business Model: Customer Relationships

Community building through the Harley Owners Group (H.O.G.) remains central to the Harley-Davidson, Inc. customer relationship strategy.

• The Harley Owners Group (H.O.G.) is the largest factory-sponsored motorcycle enthusiast organization globally.
• H.O.G. boasts membership numbering over one million people around the globe.
• HOG members typically spend 30% more than other owners on items like clothing and Harley-Davidson-sponsored events.
• The annual renewal fee for HOG membership is $59 per year after the initial complimentary year.
• The organization provides access to benefits including H.O.G. Assist emergency roadside recovery services.

Dedicated personal support is channeled through the independent dealer network, which is a critical, though currently stressed, touchpoint.

As of October 13, 2025, there were 629 Harley-Davidson dealerships operating in the United States. The network is designed to offer personal support, sales, and service, though reports indicate a contraction in the overall number of operating locations. Top-performing dealerships are recognized with awards like the Bar & Shield Award for excellence in service and customer satisfaction. For instance, in 2024, North America accounted for 63% of global retail sales, totaling 94,930 units.

Relationship Metric	Value/Figure	Context/Date
US Dealership Count	629	October 2025
H.O.G. Global Membership	Over 1,000,000	Historical/Current Structure
H.O.G. Member Spend Premium	30% more	Compared to non-H.O.G. owners
H.O.G. Annual Renewal Fee	$59	2025 Rate
Average Recent Ownership Duration	3 years	Survey data point

Digital engagement and enhanced online touchpoints were a key focus of The Hardwire strategic plan, which concluded in 2025. The goal was to build an experience allowing the customer to choose when and how to engage across digital and physical channels. This included expanding the digital ecosystem as part of the plan's capital spending targets, which ranged between $190 million to $250 million annually. The strategy aimed to tailor the customer journey using integrated data for a personalized experience.

Curated product portfolio decisions directly influence customer loyalty, particularly within the core segments. The focus on premium models has resulted in strong performance in specific categories, which helps deepen the relationship with established riders. Touring, Trike, and CVO models saw an 8% increase in North American retail sales in 2024. The dominance of these high-margin bikes shows where the most engaged customers are spending. For example, the Street Glide and Road Glide series accounted for over 60% of U.S. sales in 2024. Furthermore, 60% of the brand's repeat customers participate in loyalty programs, citing personalized rewards as a key factor in their continued relationship.

• Touring segment retail sales in North America grew by 8% in 2024.
• Street Glide and Road Glide models represent over 60% of U.S. sales volume.
• 60% of repeat customers engage with loyalty programs.
• LiveWire electric motorcycle sales were only 33 units in Q1 2025.

Harley-Davidson, Inc. (HOG) - Canvas Business Model: Channels

You're looking at how Harley-Davidson, Inc. gets its products-from bikes to branded gear-into the hands of riders as of late 2025. The channel strategy is a mix of traditional, high-touch retail and necessary digital pivots, especially given the current economic climate affecting discretionary purchases.

Global network of authorized, independent dealerships

The authorized, independent dealership remains the primary, high-value touchpoint for new and used motorcycle sales, financing, and service. However, the network is under significant pressure. Harley-Davidson, Inc. has been actively managing dealer inventory levels, which you can see reflected in their wholesale shipments.

Here's the quick math on inventory management as of the mid-year point:

Metric	Value (as of Q2 2025)	Comparison
Global Dealer Inventories (New Motorcycles)	Down 28 percent	Compared to Q2 2024
Q2 2025 Global Motorcycle Shipments	Decreased 28 percent	Year-over-year
Dealer Traffic Observation	Not seeing as much traffic	Reported in Q2 2025 commentary

Honestly, the focus on reducing stock suggests dealers are working through a backlog while retail traffic cools. Some industry watchers defintely expect further dealership consolidation throughout 2025 as a result of this lower traffic and inventory overhang.

Direct-to-consumer digital sales for LiveWire One

For the LiveWire electric motorcycle segment, the channel strategy leans more toward direct engagement, though overall unit sales have been challenging. While the LiveWire One model offers advanced tech like Bluetooth integration and the S2 app for charging station location, the direct sales volume hasn't yet materialized into significant market penetration.

The performance data shows the current reality of this channel:

• LiveWire sold just 33 motorcycles worldwide in Q1 2025.
• Q2 2025 saw 55 bikes sold globally.
• The full-year 2025 guidance projected electric motorcycle unit sales between 1,000 and 1,500 units.
• The Q1 2025 operating loss for the LiveWire segment was $20 million.

What this estimate hides is the mix; the sales figures include all LiveWire models, not just the LiveWire One, but it clearly shows the channel is currently struggling to meet earlier aggressive volume projections.

Company-owned e-commerce for Parts, Accessories, and Apparel

The company-owned e-commerce platform, primarily `harley-davidson.com`, serves as a crucial direct channel for Parts, Accessories, and Apparel (P&A), which historically helps offset volatility in new motorcycle sales. This channel saw significant traffic in the third quarter.

Specific metrics for this digital storefront in September 2025 include:

• Online sales revenue reached approximately $9,794,729.
• The site recorded about 4,313,416 sessions.
• The Average Order Value (AOV) ranged between $175 and $200.

Still, this direct-to-consumer revenue stream is separate from the wholesale Parts & Accessories revenue reported in earnings, which was $187 million in Q2 2025.

Global manufacturing facilities (e.g., US and Thailand)

Harley-Davidson, Inc. uses a geographically distributed manufacturing footprint to optimize capacity and navigate trade dynamics. For the 2025 model year, a strategic shift was executed to balance production loads between its U.S. and international facilities.

The channel strategy here involves production allocation:

• Production for non-core Revolution Max powertrain-equipped models-specifically the Pan America, Sportster S, and Nightster-was temporarily transitioned to the Thailand facility for model-year 2025.
• This move was intended to optimize production capacity at the York, PA facility for core segments like the Grand American Touring series, Softail line, and Trikes.
• The company announced an additional $9 million investment into its U.S. manufacturing infrastructure, partly supported by a Department of Energy Grant.

The Thailand plant, established earlier to bypass tariffs on Asian/European markets, is now being used to free up U.S. capacity for the most profitable, iconic models.

Harley-Davidson, Inc. (HOG) - Canvas Business Model: Customer Segments

You're looking at the core groups Harley-Davidson, Inc. is serving as of late 2025. It's a mix of deeply established loyalty and a tough push for new relevance.

The traditional, affluent, and loyal core riders remain the bedrock, heavily concentrated in the Touring and Cruiser segments. This group drives the majority of the core motorcycle revenue, even as retail traffic slows.

• Global motorcycle retail sales for the third quarter of 2025 totaled approximately 34,000 units, a 6% year-over-year decline.
• North American retail motorcycle units sold in Q3 2025 were 23,500, down 5% versus the prior year.
• Harley-Davidson maintained a 70% share of the U.S. Touring segment and a 52% share of the U.S. Cruiser market based on year-end 2024 positioning mentioned in Q3 2025 reports.

The company's revenue performance in Q3 2025 reflects this core strength, with Motorcycles revenue hitting $822 million, a 34% increase year-over-year, driven by shipments, not retail.

For new, younger, and first-time riders, the focus is more aspirational, given the poor performance of the electric segment and the high cost of entry for new combustion models. The company recognizes the existing customer base is aging, with analysts noting the customer base willing to spend $20k-$40k is shrinking.

Segment Focus	Metric	2025 Q3 Data Point
Core Riders (Touring/Cruiser)	Motorcycle Revenue (HDMC)	$822 million
Core Riders (Touring/Cruiser)	Global Retail Units Sold	34,000 units
Lifestyle Enthusiasts (Apparel/P&A)	Apparel Revenue	$56 million
Lifestyle Enthusiasts (Apparel/P&A)	Parts & Accessories Revenue	$167 million
EV Early Adopters (LiveWire)	Q3 Operating Loss	$18.2 million

The lifestyle brand appeal, which captures non-riders and enthusiasts through accessories, showed modest growth in one area but a slight contraction in another for the third quarter.

• Apparel revenue for Q3 2025 was $56 million, marking a 1% increase year-over-year.
• Parts & Accessories revenue for Q3 2025 was $167 million, a 4% decrease versus the prior year.

Electric vehicle (EV) early adopters and urban commuters, served by the LiveWire division, continue to represent a segment where Harley-Davidson, Inc. is investing despite significant losses and missed targets. The company has withdrawn most of its 2025 outlook but provided specific guidance for this segment.

• LiveWire Q1 2025 unit sales were only 33 motorcycles.
• The updated full-year 2025 guidance projects a LiveWire operating loss between $72 million and $77 million.
• Total net cash use for LiveWire for the full year 2025 is expected to be $50 million to $60 million.

Finance remains a key segment enabler, with Harley-Davidson Financial Services (HDFS) operating income guidance for the full year 2025 set between $525 million and $550 million, following a transaction that unlocked over $1.2 billion in discretionary cash.

Harley-Davidson, Inc. (HOG) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Harley-Davidson, Inc.'s operations as of late 2025. This structure is heavily influenced by material costs, strategic investments, and external trade friction, so you need to watch these line items closely.

The cost of goods sold is fundamentally tied to raw materials. While specific, current figures for total steel and aluminum costs aren't explicitly broken out for 2025, the volatility in these commodities is clearly reflected in the massive swings seen in tariff-related expenses. Harley-Davidson's manufacturing base is centered in the U.S., with three of four plants located there, including final assembly in York, Pennsylvania, and powertrain operations in Wisconsin.

Investment in future product development and manufacturing capability, part of the ongoing Hardwire strategy, remains a significant fixed cost. The original Hardwire plan targeted annual capital investments between $190 million and $250 million through 2025. For the full year 2025, the company revised this capital expenditure expectation down slightly to a range of $200,000,000 to $225,000,000.

Trade policy creates significant, unpredictable cost headwinds. The uncertainty around tariffs caused Harley-Davidson to withdraw its full-year 2025 financial outlook on May 1, 2025. Initial estimates for incremental tariff costs in 2025 were between $75 million and $100 million. Following a White House announcement, this was revised down to a range of $30 million to $55 million. However, other reports indicated the potential impact of new April 2025 tariffs could cost the company between $130 million and $175 million annually, leading to the guidance withdrawal. For context, the direct tariff cost incurred through the second quarter of 2025 was $13 million, with total direct and indirect tariff costs for the first half of the year at $17 million.

Selling, General, and Administrative (SG&A) expenses are managed through global marketing efforts and corporate overhead. As part of the broader cost-cutting under the Hardwire initiative, the company is targeting $150 million in annual savings by 2026. For the electric motorcycle unit, LiveWire, SG&A and engineering expenses were reduced by $7.0 million in the second quarter of 2025 compared to the prior year due to cost reduction activities.

The electric motorcycle division, LiveWire, continues to operate at a significant loss, representing a major drain on the cost structure. For the first quarter of 2025, LiveWire reported an operating loss of $20 million on revenue of just $3 million. For the full year 2025, the company updated its projected operating loss guidance to a range of $59 million to $69 million, down from the initial projection of $70 million to $80 million. The Q2 2025 operating loss for LiveWire was $19 million.

Here's a quick look at the key 2025 cost structure projections and actuals:

Cost Component	Financial Number / Range (2025)	Context / Period
Capital Investments (Revised Guidance)	$200,000,000 to $225,000,000	Full Year 2025 Projection
Tariff Costs (Initial Estimate)	$75 million to $100 million	Initial Full Year 2025 Estimate
Tariff Costs (Revised Estimate)	$30 million to $55 million	Revised Full Year 2025 Estimate
Tariff Costs (Withdrawn Guidance Impact)	Up to $175 million	Reason for Withdrawing Full Year Guidance
Tariff Costs (Direct & Indirect)	$17 million	First Half of 2025 Actuals
LiveWire Operating Loss (Updated Guidance)	$59 million to $69 million	Updated Full Year 2025 Projection
LiveWire Operating Loss (Q1)	$20 million	First Quarter 2025 Actual
Hardwire Initiative Annual Savings Target	$150 million	Target by end of 2026

You can see the cost structure is a balancing act: managing high planned capital expenditure for the Hardwire plan while absorbing significant, volatile tariff costs and subsidizing the ongoing losses from the LiveWire segment. Finance: draft 13-week cash view by Friday.

Harley-Davidson, Inc. (HOG) - Canvas Business Model: Revenue Streams

You're looking at the core ways Harley-Davidson, Inc. brings in money, which is definitely more than just rolling new bikes off the line. The structure of their revenue streams shows a clear reliance on both product sales and the financing that helps move those products.

The Harley-Davidson Motor Company (HDMC) segment is the foundation, covering the actual motorcycles. For the third quarter of 2025, motorcycle sales revenue was reported at $1.07 billion. This is part of a broader picture where HDMC saw its revenue increase by 23 percent year-over-year in Q3 2025, driven by global motorcycle shipments increasing 33 percent versus the prior year, even as retail sales were down 6 percent in that same quarter.

The supporting revenue streams are critical, especially Parts & Accessories (P&A), which is known to be a high-margin area. Still, even this segment felt the economic pinch. For instance, in the first quarter of 2025, Parts & Accessories revenue was $143 million, representing a 14 percent decline compared to 2024. By the third quarter of 2025, the revenue for Parts & Accessories was down 4 percent year-over-year.

General Merchandise, which includes apparel and licensing, provides smaller, but steady, income. Here's a quick look at the Q3 2025 figures:

Revenue Component	Q3 2025 Revenue (Approximate)	Year-over-Year Change
Apparel	$56 million	Up 1 percent
Licensing	$6 million	Up 42 percent

The Financial Services arm, Harley-Davidson Financial Services (HDFS), is a major contributor, generating revenue through interest income on loans and loan servicing fees. The strategic partnership finalized in 2025 significantly altered this stream's profile. The transaction is expected to unlock approximately $1.25 billion in discretionary cash for Harley-Davidson, Inc. during 2025, with the full cash release expected no later than the first quarter of 2026. This move transformed HDFS into a capital-light business.

The financial impact from HDFS is clear when you look at the operating income. For the full year 2025, HDFS operating income is expected to be in the range of $525 million to $550 million. In the third quarter alone, HDFS operating income was reported at $439 million, which reflects the impact of the new transaction structure through the end of Q3.

You can see the breakdown of the revenue sources contributing to the overall financial picture:

• Motorcycle Sales (HDMC)
• Parts & Accessories (P&A) sales
• General Merchandise (Apparel and Licensing)
• HDFS interest income and fees
• Cash proceeds from the HDFS equity sale

Finance receivables at the end of Q3 2025 totaled $6.0 billion, which was a 24 percent decline versus the prior year, largely due to the HDFS transaction where a portion was classified as held-for-sale.

Finance: draft 13-week cash view by Friday.