LiveWire Lost $20 Million To Sell 33 Electric Motorcycles In Q1

The Q1 2025 financials from Harley-Davidson and its electric spinoff LiveWire paint a stark picture of two brands moving in opposite directions — even as they sit under the same corporate roof. While Harley is weathering the storm of economic uncertainty with the benefit of brand loyalty and a reliable financing arm, LiveWire looks like it’s running on fumes.

LiveWire’s Tough Ride in Q1 2025

LiveWire sold just 33 motorcycles during the first quarter of 2025. That’s not a typo. That’s one bike every three days, on average — a 72% drop from Q1 last year. Even for a niche brand, those are catastrophic numbers.

With $3 million in revenue and a staggering $20 million operating loss, that works out to about $606,000 lost per unit sold. While that includes R&D and fixed overhead costs, it’s still a brutal reminder of just how hard it is to build a new electric motorcycle brand — even with Harley’s muscle behind it.

Q1 2025: Harley-Davidson vs. LiveWire

Metric	Harley-Davidson	LiveWire
Motorcycles Sold	38,600	33
Revenue	$1.32 Billion	$3 Million
Revenue Change (YoY)	-24%	-72%
Operating Income	$142 Million (Profit)	-$20 Million (Loss)
Average Loss per Unit Sold	—	~$606,000
Stock Buybacks	$87 Million	N/A
2026 Sales Target (original)	N/A	100,000 Units/Year
Current Sales Pace (Q1 annualized)	~154,400 units/year	~132 units/year

LiveWire’s original goal of selling 100,000 bikes a year by 2026 now looks more like fantasy than ambition. Unless there’s a major shift in consumer behavior or a breakthrough in affordability, LiveWire may not make it to 2026 in its current form.

Why Isn’t LiveWire Selling?

There are a few possible culprits:

1. Economic Uncertainty: High interest rates, volatile markets, and job insecurity mean big-ticket recreational purchases — like electric motorcycles — are easy to delay.
2. Niche Market, High Price: LiveWire bikes are undeniably cool and capable, but with prices around $22,000, they’re not competing with gas-powered alternatives on cost.
3. Limited Range and Charging Anxiety: Unlike EV cars, electric motorcycles still suffer from range and charging infrastructure concerns — especially for riders who expect freedom, not planning.
4. Brand Identity Crisis: Harley’s core customers are often traditionalists. LiveWire, marketed separately, doesn’t have decades of heritage to lean on — and may be too “new age” for most Harley fans, and not “tech” enough for the Tesla crowd.

Meanwhile, Harley-Davidson Is Still a Cash Machine

Despite its own challenges, Harley-Davidson still raked in $1.32 billion in Q1 revenue, shipping 38,600 motorcycles. That’s down sharply from the 57,700 bikes it moved in Q1 2024, but Harley managed to stay profitable, posting $142 million in operating income.

Even more telling: Harley spent $87 million buying back 3.4 million of its own shares — a move that often signals confidence from management and a desire to boost shareholder value.

This shows a fundamental difference in scale and structure. Harley has a loyal customer base, high-margin accessories and apparel, and its own financing arm. It knows how to turn a profit even in lean times. LiveWire? It’s still figuring out what market it’s even serving.

LiveWire’s Future: Can It Survive?

Unless there’s a dramatic turnaround or a strategic pivot, LiveWire may soon be facing a make-or-break decision. It could:

• Cut costs by scaling back R&D or consolidating operations.
• Lower prices to broaden the appeal — though that hurts margins.
• Seek external investment or partnerships to spread risk.
• Refocus on smaller, urban-friendly models, like the S2 Del Mar, where electric makes more sense.

But none of those options guarantee a path to profitability — especially with such little consumer traction.

FAQs: