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• Shares of the company rose 11.3% in the premarket trading
• Automakers are inclining towards electric vehicles with awareness about climate change
Harley-Davidson Inc’s electric motorcycle unit will go public via a SPAC merger in a deal valued at $1.77 billion, the company said on Monday.
With a shift towards greener vehicles, Harley launched LiveWire earlier this year to attract younger customers.
Automakers are inclining towards electric vehicles with awareness about climate change and pressure from governments and activists.
Shares of the company rose 11.3% in the premarket trading.
Last month, Amazon-backed EV maker Rivian crossed $100 billion valuation in its market debut, beating Ford and General Motors.
After the completion of the deal, Jochen Zeitz, the chief executive of Harley, will be the chairman of LiveWire for up to two years.
Harley-Davidson will hold 74% stake in the company, which is expected to list under the symbol "LVW".
Picture Credits: Reuters