Q2 2024 LiveWire Group Inc Earnings Call Transcript
Key Points
- LiveWire Group Inc (LVWR) reported a triple-digit increase in branded unit sales compared to Q2 2023.
- Retail sales outpaced wholesale, making LiveWire the number one on-road electric motorcycle retailer in the US for the first half of 2024.
- LiveWire's market presence grew steadily, especially in Europe, with two models now in the market.
- Operating loss improved by 12% compared to Q2 2023, highlighting cost reduction efforts.
- The company received an $89 million grant from the Department of Energy to invest in its York, Pennsylvania facility, supporting EV motorcycle manufacturing.
- LiveWire Group Inc (LVWR) continues to face a challenging market environment, particularly in the US.
- Despite improvements, LiveWire still reported an operating loss of $28 million for Q2 2024.
- Revenue from the electric balance bike business (STACYC) was down compared to the prior year.
- The company plans for a significant reduction in cash burn next year, indicating ongoing financial challenges.
- LiveWire's revenue declined by 25% in the first half of 2024 compared to the prior year.
Thank you for standing by, and welcome to the Harley-Davidson 2024 second-quarter investor and analyst conference call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Shawn Collins. Thank you. Please go ahead.
Thank you. Good morning. This is Shawn Collins, the Director of Investor Relations at Harley-Davidson. You can access the slides supporting today's call on the internet at the Harley-Davidson Investor Relations website.
As you might expect, our comments will include forward-looking statements that are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters we have noted in today's earnings release and in our latest filings with the SEC.
Joining me for this morning's call are, Harley-Davidson Chief Executive Officer, Jochen Zeitz; also Chief Financial Officer, Jonathan Root, and we have LiveWire, Chief Executive Officer, Karim Donnez.
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