(October 27, 2020) MILWAUKEE, Wis. — Harley-Davidson today announced further progress implementing The Rewire, a critical overhaul of its business, setting a strong foundation for the company including a new operating model that realigns the organization for performance, reduces costs and sharpens focus on profitable products and markets. The end of The Rewire will be the foundation for The Hardwire, the company's forthcoming 5-year strategic plan (2021-2025), to deliver profitable growth and shareholder value based on expanding the desirability of Harley-Davidson. Harley-Davidson also reported third quarter 2020 financial results, including the strongest third quarter net income since 2015, reflecting initial positive impacts of The Rewire efforts.

"We have driven significant progress across each key element of The Rewire playbook, and we believe the positive changes we have executed are setting our course for a winning future," said Jochen Zeitz, chairman, president and CEO, Harley-Davidson.

"We have started on our journey to become a high-performance company where business structure, leadership principles and our culture are all aligned. The platform we are creating will support the work ahead as we continue to develop and execute our new 5-year strategic plan, The Hardwire."


Harley-Davidson is evolving its culture to drive a high-performing, winning organization. The company is ramping up the competitive spirit of its employees and dealers to promote the heritage and value of the Harley-Davidson brand. Earlier this year, the company revealed a new vision and mission that are guiding and defining the company's roadmap.

The Rewire efforts to date have strengthened the company's focus on customers and dealers and reinforced desirability for the company's brand and products, setting the foundation for its 2021-2025 strategic plan.

Highlights as of the end of the third quarter:

    •    $250 million cash savings including SG&A and capital reductions expected in 2020
    •    $115 million annual savings from restructuring actions taken expected starting in 2021
    •    $3.6 billion cash and cash equivalents compared to $862 million in 2019
    •    $1.1 billion of cash generated from operating activities compared to $849 million in 2019
    •    Global dealer inventory down over 30 percent compared to third quarter 2019
    •    2020 motorcycles selling at full MSRP (avg. U.S. during the third quarter)
    •    Used Harley-Davidson prices up significantly (U.S.)