Harley-Davidson Inc (HOG.N) on Thursday reported a 24% fall in third-quarter profit as customers cut back on discretionary spending due to higher borrowing costs and inflationary pressures.
File photo: Thrity-two-year old two-wheeler mechatronics technician Vanessa Vilhena Amaro works on a Harley-Davidson before the company's 120th anniversary celebrations in Hamburg, Germany, May 16, 2023. REUTERS/Cathrin Mueller/File photoon Thursday reported a 24% fall in third-quarter profit as customers cut back on discretionary spending due to higher borrowing costs and inflationary pressures.
Harley has maintained margin growth through its wealthier customer base, but hasn't been as successful in luring younger riders with the release of the Sportster S models and electric bikes that sell for nearly half the price of its popular Cruiser, Trike, and long-distance Touring models.
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