Several other prominent players in the sector have also merged with special purpose acquisition companies to go public.
A broader awareness about climate change is paving way for automakers to lean towards greener vehicles in a sector Tesla reigns supreme. Valuations have gained as money managers also increasingly factor in ESG policies in their investments.Jochen Zeitz, Harley's chief executive, will be the chairman of LiveWire for up to two years following the completion of the deal.
Harley-Davidson will retain an equity interest in the company of about 74% and ABIC's shareholders will own about 17%.Earlier this year, Harley launched its first electric bike from its LiveWire brand priced at $22,000, in a move aimed at younger and more environmentally conscious riders who could eventually lift Harley's volumes as its core baby boomer audience grows old.
Waning interest in motorcycling as a recreational activity as well as the price of Harley bikes, which can cost as much as a car, have hurt the company's efforts to woo younger riders.Reporting by Aishwarya Nair in Bengaluru, Additional reporting by Mehnaz Yasmin; Editing by Shailesh Kuber and Saumyadeb ChakrabartySubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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