A tailwind in Milwaukee: the stock market is betting on Harley-Davidson again

Over the years, we at SPEEDWEEK have reported from time to time on falling sales figures and share prices at Harley-Davidson, the largest American motorbike manufacturer. The best year in the company’s history was 2006, when Harley sold just under 350,000 motorbikes and its share price stood at $75.50. Then came the financial crisis; the share price plummeted to $8, recovered in 2014, and then slumped again to $14.50 during the Covid-19 pandemic in 2020. At the same time, sales fell to 132,500 motorbikes in 2025.

The long-established Milwaukee-based manufacturer lost market share; its core customer base is ageing, efforts to attract a younger clientele have failed, and the company’s strategy at times resembled a zigzag course. At times, senior management seemed to have lost touch with the grassroots. Then, in October 2025, Artie Starrs was appointed CEO – a manager whose roots lie in the hospitality and sports industries rather than the motorcycling world – a move met with scepticism by many industry experts and fans.

The sceptics were proven wrong, at least for the time being: since Starrs took up his post and the gradual implementation of his restructuring plan, dubbed ‘Back to the Bricks’ (a return to the core business), Harley’s share price has risen. Starrs even used the low of $17 in March 2026 to buy 15,000 of the company’s own shares as a sign of confidence. Since then, the share price has risen to around $25 at present. Financial experts recommend buying the shares.

Starrs’ success lies not in revolutionary innovations, but in a considered return to its own strengths – coupled with pragmatic decisions for the future. Models that were previously manufactured abroad are now being produced in the US again, which strengthens customers’ identification with the brand and reinforces its image as an American icon.

Starr’s predecessors had severely damaged authorised dealers’ trust in the brand. Through more stable supply chains, reliable stock levels and improved communication, the company has managed to partially rebuild this trust.

Harley-Davidson continues to seek to reach new target groups by expanding its model range, whilst carefully avoiding alienating its loyal core customer base of cruiser and bagger enthusiasts. Through its subsidiary brand LiveWire, the company is attempting to turn around the loss-making electric segment with lightweight, electrically powered off-road motorbikes.

The launch of the Harley-Davidson Bagger World Cup as part of the MotoGP World Championship support programme has undoubtedly succeeded in raising the brand’s profile beyond its core target audience. Harley has now announced plans to expand its involvement in amateur racing. In future, the aim is to offer Harley riders from various disciplines and with different levels of experience more and more easily accessible competition opportunities.

Strategically, Starrs is keeping a cool head. Rather than getting drawn into public spats with competitors such as Indian Motorcycle, the focus in Milwaukee is on its own to-do list. When Harley announced that its works team would be withdrawing from the national ‘King of the Baggers’ racing series by 2027, Starrs expressly praised the rival: ‘I’d like to pay tribute to Indian Motorcycle Racing for the fierce competition in each of the six seasons. Having a rival who consistently spurred us on to raise our game has made our team better, helped lift the entire category to a higher standard, and made the victories far more meaningful.” There’s someone who can see well beyond their own navel.

Despite rising share prices, Harley-Davidson faces challenges. The success of the strategy must be reflected in real delivery figures over the long term. The motorbikes must reach customers on time, supply chains must be kept stable in international trade despite looming tariff disputes, and the balancing act between tradition and innovation must continue to be successfully managed.