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 our latest filings with the SEC. Harley-Davidson disclaims any obligation to update information in this presentation. Hello, everyone, and welcome to our LiveWire presentation, coming to you live from the Harley-Davidson Museum in Milwaukee. Today, we're excited to present an update on LiveWire, the industry-leading all-electric motorcycle brand. In December 2021, we announced a historic milestone in the LiveWire journey, with LiveWire set to become the first publicly traded EV motorcycle company in the U.S. through a business combination with AEA Investors and Bridges Fund Management. We're pleased with the progress of the transaction, which looks to complete with a listing on the New York Stock Exchange in the first half of this year. We believe that this transaction will give LiveWire the freedom to fund new product development and accelerate its go-to-market model. On completion, LiveWire will be able to operate as an agile and innovative public company while benefiting from the at-scale manufacturing and distribution capabilities of its strategic partners, Harley-Davidson and KYMCO. Let's turn to the investment highlights of why we believe LiveWire is such a compelling opportunity as a result of this transaction and why it is well-positioned to lead in this space. First and foremost, this is an exciting and rapidly growing segment. Growth and demand for EVs accelerating dramatically, and we believe that there is a large global market opportunity and that we are at the inflection point in the market's development with significant acceleration expected. Second, LiveWire is already the leader in EV motorcycles with a successful leading product already in market today. Third, our core technology is proprietary and modular. Developed in-house, our technology creates a unique riding experience that we believe is unmatched by other EV motorcycle manufacturers. As we'll discuss today, the work we've done with the Arrow architecture has created a modular, scalable system technology that will power LiveWire's product portfolio for years to come. Fourth, our tech-forward approach extends to the way in which we interact with our customers and community. Leveraging our digital-first model, we've created a hybrid sales model combining both digital and physical retail presences, allowing customers to engage with us on their terms and using their preferred purchasing path. Fifth, and importantly, LiveWire is poised for global expansion with the backing of two industry leaders, Harley-Davidson and KYMCO, bringing a competitive advantage that others can't match, including scale manufacturing, global distribution networks, and decades of technical industry experience. Sixth, benefiting from a future and tech-forward approach, LiveWire has a future product roadmap that we believe positions us to drive compelling long-term financial performance and future profitability. Finally, we've built the right mission-driven leadership team to execute our vision and to take LiveWire to the next stage in its journey as a standalone company. The partnership between Harley-Davidson, AEA, Bridges, and KYMCO creates a unique opportunity, and I'd like to go into that a little bit further. When we look specifically at the relationship between LiveWire and Harley-Davidson, there are unique benefits that will benefit both entities. From a LiveWire perspective, with the agility of an EV pure play, LiveWire benefits from immediate at-scale manufacturing and global expansion expertise through the complementary capability of its world-class partners. Harley-Davidson will provide LiveWire access to an established supply chain, a world-class dealer network of scale, technical services, and access to financial and insurance products through Harley-Davidson Financial Services. The LiveWire Group is more than just one brand. It also includes STACYC, the leading balance bike brand for kids. Together, we believe the combination is a powerful accelerator for two-wheel EV for the future, bringing together best for adults and children alike, setting a path for the future of EV. Now I'd like to hand over to Ryan Morrissey, President of LiveWire. Thank you, Jochen, and good afternoon, everybody. I'd like to start out by talking about STACYC before spending the bulk of time on LiveWire. STACYC was founded in 2016 by Ryan Ragland. Ryan now leads the brand as part of the LiveWire Group. He decided to focus the brand on kids, who he called the Little Rippers, and their families that he called the Pit Crew. He built bikes that use electric as a way to get kids riding sooner and exploring further. If you look at the many different electric mobility products that have been released over the last decade, STACYC is one of the few true category creators. While there are a dozen brands battling it out to sell electric bikes to adults, STACYC built its brand prioritizing kids aged 3- 8 years old. The company's built its foundation on two products, a 12-inch bike and a 16-inch bike. In 2016, an electric bike for kids was almost hard to imagine for many parents. By making the bikes lightweight and low to the ground, and giving parents the ability to control the speed as the kid developed, STACYC landed on a design that made perfect sense. With these two bikes, the company's now sold over 100,000 units, giving the brand an identity and growing a loyal following along the way. We've reached customers with an omni-channel strategy, selling direct on stacyc.com while partnering with a very strong network of brick-and-mortar retailers. Last month, we introduced the next two products in the STACYC portfolio, the 18-inch eDrive and the 20-inch eDrive. These are important products for the brand and a natural extension of the existing portfolio. By taking inspiration from the track, but designing specifically for kids, STACYC is able to deliver the level of performance you wouldn't expect from a kids' bike while providing an easy on-ramp for new riders. Having been in the game for over five years, the team has evolved the designs and built the supply chain in a way that gives us a big lead over any imitators. The launch edition bikes come available later this month. We're excited to see what they do to broaden our customer base. You're gonna see a group of kids upgrading as they age out of the 12s and 16s, and a new group of older kids coming in to join the STACYC community. That expanding portfolio is one of three drivers behind STACYC's future growth. The 18- and 20-inch bikes take us from an age range of 3- 8 years old to a range of 3- 12 years old, with more new product in development. Second, while the brand has a passionate and loyal following, it's still an unknown for many families. We're actively building the brand with two types of kids. First, what we call the action segment, those kids that wanna go big and really push the bike. Second, our outdoor segment, those kids that want the freedom to explore their surroundings, taking their STACYC to the park, around the neighborhood, or keeping up with their parents on a run. As a relatively new brand, there's a lot of headroom in each of these segments. Third, while the brand is anchored in the U.S. today, we'll be growing our presence in other geographies over time. We're off to a strong start in Europe, with a plan to expand significantly as well in other markets like Australia. Bringing these three drivers together, we're positioned for continued acceleration in the growth of the STACYC brand as we bring more products to more families, and we expect the continued growth in the popularity of e-bicycles will only further spur demand. From STACYC, now let's move on to motorcycles and start with the progress that we're making on our go-to-market strategy with LiveWire. We expect LiveWire riders to have high expectations, not just of the product, but also for how we interact with them as a customer. Motorcycles are a unique category. When people buy a LiveWire, it's not because they need a LiveWire, it's a lot more than transportation to the customer. When we apply the principles of modern retail, we need to tailor the go-to-market model to a high-dollar, highly engineered, highly discretionary product. That means we need the perfect blend of digital technologies and people expertise. Customers have high expectations of the digital experience, but with such a new technology, they also want an opportunity to test the bike and know there is a deep support capability to help them along. We start digital first with livewire.com, giving the customer the option to configure and buy their bike online. We match the digital experience with a physical presence through our network of retail partners or a LiveWire experience center. We support the customer and the retail network with investment into a central team of experts we call the LiveWire Gurus. This team is matched to every customer and empowered to help them with every step of their journey, no matter where it takes them. It's the combination of all these components working together that make the experience of buying a LiveWire so unique in the motorcycle space. It gives the customers choices that they can't get anywhere else. Let's talk about what we're learning about those customers, from the early days of LiveWire purchases. We're beginning to see our target customer segmentation show up in those early purchases. First, we've seen a broad range of ages. We're expecting to see our average buyer coming in several years younger than a comparable Ice buyer, and early indications support that. We're also paying close attention to our ability to attract new riders. Of course, many of our buyers are experienced riders, but the percentage of new riders should also be measurably higher than the industry average. Finally, we're following how the customers choose to buy and seeing the kind of mix you might expect when you give customers the option. Some follow a more traditional path, often starting by walking into a retailer. Many are getting well down the path digitally and then moving to retail for a test ride or to complete the purchase. Some choose to stay digital throughout, using their phone as their channel and never visiting a store. Early purchases show a healthy fraction taking each path, reinforcing the value of offering the customer that choice. These are early indicators of exactly the kind of behaviors we've built the model to support. Our first point of interaction with the customer is often livewire.com. We've worked hard to make this property a rich experience for learning the product and understanding the brand, while also radically simplifying the purchase experience. While simple experiences are uncommon in the vehicle industry, we're aiming to be right there at the top with the best of modern retail across segments. We know the importance of continually scrubbing away the friction points to build the customer's confidence. In the path you see here, you'll see the customer going from Google to order confirmation in what might be less than a five-minute session. While the digital path is preferred by some customers, LiveWire is still a new product and an entirely new riding experience. Many riders still haven't had the chance to ride a LiveWire and feel what it's like to ride a truly premium electric motorcycle. Every time we get a rider onto a LiveWire, we create a new advocate. It's such a different riding experience. We see longtime riders where for decades each new bike that came to market was an improvement, but a derivative on something they had rode before. They get on a LiveWire, and they're blown away by how an electric powertrain completely transforms the experience. For that reason, we looked at every opportunity to bring our bike to riders. That could be at our first LiveWire Experience Center in Malibu. You see the photo there, of our opening event that took place in February. That's an outstanding location, right in the middle of some of the greatest riding in the world and a great place for riders to immerse themselves in the brand and understand the LiveWire proposition. We'll also be meeting customers through pop-up retail in major markets where we can quickly create an environment similar to what the customer would experience at Malibu. It could be with our events team taking the show on the road to industry events or LiveWire-specific events. Of course, one of the best ways to introduce the customer to a LiveWire is through our retail partner network. We're now through our first wave, having contracted over 60 of the most capable EV partners in the country, covering every major market. Each of these partners are equipped with DC fast chargers and have built the expertise to sell and service electric motorcycles. These partners are also working closely with our central team on many of our online to offline transactions. They're evolving their own model to meet the needs of this new type of customer, including handling home delivery for customers that choose that path. We're now working to make sure each of these partners gets licensed for retail and gets that pipeline of inventory that they need. The two-step licensing process is done state by state through the state DMVs. Overall, we're very happy with the progress that we've made here and the forward-thinking that we've seen out of these partners. We've chosen partners with leadership that's highly engaged and fully understands the importance of EV for the future of their business. They've each also established frontline experts to focus on EV and train alongside the LiveWire field team. That gives you an idea of the progress we've made in the U.S. with the retail network. In North America, we'll also be going to Canada in 2023, a market we're very excited about that is growing EV sales quickly and has ambitious targets. We'll of course make a big push into Europe, starting with a focus on our priority countries where we know the opportunity is greatest. We see the growth they're experiencing in four-wheel EV, and we're anxious to get a premium two-wheel option in the mix. We're beginning preparations for Asia-Pacific and our short list of target markets in that region. You'll continue to see extending the model to international markets as one of our top priorities over the next 12-24 months. The principles of the model will be universal, adapted to the local needs of each of those geographies. From there, let's turn to our other major growth driver, the expansion of the product portfolio. The strategy here is straightforward. We've started with the LiveWire ONE. This bike is a real show of force. It's energized enthusiasts and immediately converted many skeptics. It's showing riders what they can expect from an electric motorcycle. We built all kinds of expertise across the organization, having developed, produced, and commercialized this bike. We now take that expertise and apply it to a proprietary architecture that we've engineered from the ground up. We've chosen our S2 platform as the first set of bikes on that new architecture. Over five years of development of S2, we've continued to build that expertise, and the input technologies have continued to improve. That allows us to add a set of bikes that will expand our target market with a lower price point. Now we're working on our S3 platform that will open up lighter applications and hit price points to make LiveWire more attainable for more riders around the world. We believe that progression from the top down is the path to success for a premium brand in the EV space, combining our progress internally with a maturing market to grow the business over time. I'll now turn it over to Vance Strader, our CTO, who will speak about the architecture for future LiveWire products, and specifically one we're all very excited about, the S2 platform. Vance? Thank you, Ryan. Good afternoon, everyone. It is absolutely my pleasure to introduce you today to the Arrow architecture. I'd like to first start with talking about LiveWire and what really matters to us. For us, the first priority is a great motorcycle, and what that means is a motorcycle that's lightweight, fits the rider well, is easy to handle, and has great performance while also being able to be built cost-effectively. The Arrow architecture is actually a set of design principles and configurations that will be used eventually across the entire LiveWire portfolio. It builds upon a recently granted patent for a vehicle architecture that integrates the EV systems into the primary structure of the vehicle. The rear suspension is attached to and pivots on the motor axis. All of this is fully developed in-house, utilizing best-in-class cells, electronic subcomponents and software, and software best practices. It gives us the control and the speed that we need to fully optimize the riding and ownership experience and, even more importantly, the ability to scale, and adapt to the needs of each of our future platforms and even individual models. As you can see on the screen behind me, the S2 platform's structural battery and motor have nearly eliminated the need for a traditional motorcycle frame. In fact, we've significantly reduced the parts count on the motorcycle, and it yields a very lightweight, small vehicle, one that's incredibly easy to assemble. In fact, I just got some information this afternoon that it's 44% less build time than today's LiveWire ONE. It's an indication of the level of optimization and improvement that continues to go into every new product that we produce. At the heart of the Arrow architecture is the battery pack. It uses 2170 cylindrical cells. It was designed from day one to be highly modular and highly scalable. On S2, this enables the development of a broad range of middleweight motorcycles to cover multiple segments and to drive economies of scale. This is a key differentiator for LiveWire. Whereas LiveWire ONE was conceived as a motorcycle, we now have a platform, and even more so, the foundation of all future LiveWire vehicles. The next step is the power electronics. We've heavily integrated the inverter, motor controller, and onboard charger for optimum system efficiency, which means range, and ideal vehicle integration. It results in fewer parts, less packaging space, and again, an efficiency that our designers and our engineers can leverage to focus on form and focus on unique applications because of the adaptability that the Arrow architecture enables. As I've described it, the Arrow architecture is modular and scalable. We're already working on scaling it down for the S3 platform, as Ryan mentioned, and then later up for S1, with, in each case, optimized performance, charging, range, and size for each of those platforms, plus ongoing refinements in system efficiency and cost with every new introduction. This is not a static architecture. Each will continue to utilize common design practices, common assembly processes for shortened development times, reduced investment through equipment reuse, and economies of scale. Beyond the introduction of the LiveWire or the Arrow architecture, we're also reimagining the connected experience for our portfolio, starting with the S2 platform. Again, by bringing the expertise in-house, we're developing class-leading experiences for our riders. The full-color LED that you see and the new app provide a fresh interface to the LiveWire experience. Multiple ride modes allow the rider to customize the motorcycle's character to their preferences with four standard modes, as well as a custom mode that allows them to further fine-tune power delivery and regenerative braking. LiveWire's new state-of-the-art cloud-native telematics system uses the latest technologies and is fast, scalable, very secure, and economical to operate on a global basis. It provides riders with unobtrusive and intuitive remote monitoring of their motorcycle, diagnostics, as well as charge planning, analytics, while also equipping our dealers and our Gurus to support these riders even when they're out on the road using a new generation of always online diagnostic tools. The big benefit of over-the-air, or OTA, is the unlock it creates for product and experience updates. This will enable us to update the motorcycle's performance, range, and life and support rollout of valuable new features and functions through its ability to update any vehicle controller, including the battery management, electric powertrain, and onboard charger, as well as things like anti-lock braking, hand controls, the display, telematics, and all of the other low-voltage electronics on the motorcycle. Clearly, a big opportunity to continue to evolve the motorcycle throughout its life. Moving from just a motorcycle to an experience more akin to leading consumer electronics, the S2 riding experience will continue to get better over time. Now let's talk about our partners. At the beginning of today's presentation, Jochen mentioned the advantages of LiveWire's asset-light model and the manner with which we are able to selectively use the best assets and opportunities that Harley-Davidson can provide. I'd like to detail that out a bit more for you. I'll start with product development. Harley-Davidson's Wisconsin-based product development center and its labs cover 3 acres and are staffed by 130 test engineers and technicians. They support critical development in testing across the battery, powertrain, electrical systems, vehicle and system component structures, materials testing, sound calibration, prototyping, vehicle build, a huge range of capabilities that LiveWire didn't have to go and build for itself. We use these world-class facilities, the equipment, and the talented employees where necessary to keep the LiveWire staff focused on the path ahead. Being able to leverage these Harley-Davidson's hundreds of billions of dollars of investment in test equipment and facilities provides significant competitive advantage for us. An example of this might be the 2.8 million pound room-within-a-room indoor pass chamber you see in the upper picture. This is used for rapid, super consistent, year-round regulatory pass-by sound testing and sound quality development. This is the property in which we developed LiveWire ONE's signature sound, and it's where we're working on the next generation of LiveWire's sound as well. Moving on to simulation. There, too, we supplement LiveWire's capabilities with Harley-Davidson's industry-leading simulation capabilities for predictive design optimization and verification across a broad range of disciplines. This enables LiveWire to move large portions of its product development process from the physical to the virtual world, and even to eliminate entire prototype and test cycles. This saves time and money. The next step is the proving grounds. Harley-Davidson's proving grounds in Yucca, Arizona, and Naples, Florida, support year-round vehicle development and durability testing, replicating all types of LiveWire-specific use cases and abuse. With dedicated labs there, 56 miles of on and off-road courses covering more than 4,000 acres, we're able to ensure high quality, reliable operation for LiveWire's customers. Let's talk about supply chain. Today, LiveWire's supply chain is able to leverage many longstanding Harley-Davidson partners, but it's also quickly growing to include additional suppliers and with capabilities that are critical to the unique needs of EV as well as LiveWire's unique customer experience and business model. This Harley connection is critical in that it gives us a foot into the door that many true startups might never be able to achieve. Let's talk about manufacturing. LiveWire's powertrains, the new powertrains are manufactured and assembled with the same precision as more than 200,000 Harley-Davidson Ice engines today in Wisconsin's powertrain operations. With bare cells, castings, and electronics coming in at one end of the facility, complete certified powertrains come out the other end. Last but certainly not least, LiveWire vehicle assembly is done on a dedicated line at the York, Pennsylvania operations that Harley-Davidson uses today. Their skilled craftsmen deliver high quality and fit and finish with every new LiveWire motorcycle. In the future, KYMCO manufacturing and supply chain will also offer enhanced scale and regional footprint to support high-quality vehicle and EV systems manufacturing at competitive costs. We believe that the sum of these actions and the use of the best services that Harley-Davidson has to offer provide a real competitive advantage to LiveWire. Our strategic ambition for the Arrow architecture and for LiveWire is simple, to create a soulful and exciting rider experience across multiple platforms and products while remaining as efficient and agile as possible. We're very excited today to show you the first product using the new Arrow architecture. Before we do that, I'll hand it off to Gina for our update on our growth trajectory. Well, that's a bad teaser. Before we show you the really cool thing, let's go through the numbers. All right. Thanks, Vance. So we have very big plans for the LiveWire business and are excited for the opportunities that we have ahead. In 2021, we delivered about 500 units and $36 million of revenue, and we remain committed to driving significant unit and revenue growth over the next 5 years. As you heard the team talk about, there are really 4 main factors that help move us up the curve. First, it starts with the product and expanding from where we are today with 1 product at 1 price point to moving to many products at many price points. That opens up different customer opportunities for us. Next, it's about international market expansion and moving outside of the U.S. with distribution plan for EMEA and APAC starting in 2023. Third, we will continue to expand our retail network within our priority geographies, leveraging the blend of go-to-market, our go-to-market business model. Finally, we will leverage our strategic business partnerships with Harley and KYMCO to provide additional manufacturing expertise to expand our product offering further. We are four months into our fiscal year, and we remain on track to deliver our 2022 guidance. Year to date, we have shipped about 125 LiveWire units, with units gaining momentum as we've gone deeper into the riding season, and we continue to expand our retail footprint in the U.S. Total revenue and operating income remains on track to our initial guidance. As we look to grow the business this year, we remain very mindful of the current environment and remain flexible as we navigate the same supply chain and cost challenges that we're seeing on the Harley side as well. This includes appropriately managing our costs and taking offsetting action when needed, and it also includes managing part shortages and shipping challenges which LiveWire is also facing. We are building a great team. We are off to a good start. We are picking up momentum in market, and as you've heard all of the presenters say, it really starts with the product. So with that, I'll now turn it back over to Jochen. Ryan and Vance, why don't you guys come back on stage too? Thank you, Gina. Now I'd like to take a look to the future. Building on the success of LiveWire ONE, we are taking the electric focus and ambition of the LiveWire brand to the next level. Today marks the beginning of the new era for LiveWire with the introduction of our first product and the industry redefining Arrow platform that Vance talked about. Inspired by the lineage of Harley-Davidson and offering an experience that is distinctively LiveWire, I'm excited to introduce the S2 Del Mar Launch Edition. Thank you everyone. What you see in front of you today is the S2 Del Mar Launch Edition, a limited version of the Del Mar that we'll only produce 100 of. They will be built to order based on the color selection of our customers, and each will be numbered. Each Launch Edition will feature a highly desirable custom paint job that requires 5 days to create and a special wheel set, neither of which will be available on the production version of the Del Mar. The Del Mar experience is one of performance, exhilarating acceleration, and agility due to its light weight and short wheel base. As you can see, we are targeting a 430-pound weight with a 0-60 time under 3.5 seconds. The Launch Edition will have an MSRP of $17,699 and is scheduled to deliver in spring of 2023. Reservations for the Launch Edition opened online just now, and this evening in Los Angeles we'll be hosting an event providing our growing community there the opportunity to see the bike and place reservations while working directly with our team. As for the production version of Del Mar, we're targeting delivery in the U.S. and Europe in the spring of 2023 with a targeted price of $15,000, featuring the same targets for performance, range, and weight. We can't wait for riders to experience the bike. It's truly amazing. Thank you for your time again this morning, and we're taking your questions now. Do we want chairs? These are really uncomfortable to sit on. Okay, great. Thanks everyone. Same thing, if you can say your name and the firm you're with. Okay? Let's start over here. Thank you. Craig Kennison from Baird. Just to follow up to my earlier question, could you share with us the key milestones for the spinoff into the SPAC transaction, please? Am I on? Key milestones. We are currently in the back and forth right now with the SEC. We actually just submitted earlier this week, right, Paul Krause? Did we submit earlier this week or are about to submit kind of our, hopefully our final response back to the SEC. Once that comes back, we move through the normal close process, and work with the ABIC shareholders to get the deal approved, then we work through the redemption process. We are still on track for a Q2 close. Is that what you were thinking when you asked me that question? Is that what you were wanting to hear? Well, just so- Okay When you list, do you issue press releases giving an update on the listing process going forward? Oh, got it. You wanna talk about the media surrounding it? About? The media surrounding all the. We're working with the exchange right now on all the marketing events around it. A lot of those will be local, in New York City of course. We'll also try to complement those with other things around the country. That, you know, that event's coming up relatively soon, so the marketing team's working hard on a whole portfolio of activity around that, some with the exchange and some on our own. Expect a big splash. Next question over here. Okay. You know, one of my questions is just how you're thinking about the LiveWire brand versus the Harley-Davidson brand. As you go to market, you know, I would think you would wanna lean on Harley-Davidson brand in some cases, but at the same time separate it. You know, maybe help us understand how, you know, what the sort of guardrails are gonna be on the approach to achieving the sort of numbers that you guys have given us for units. Yeah, why don't I start off? I mean, from a LiveWire perspective, our mission is to build LiveWire as an independent brand with its own identity, and with its own business model to support that and with its own set of customers. The benefit that I think we have when we do that is no matter how much we make that the primary mission, we'll always have the halo of the association with Harley-Davidson. As hard as I work to stand up a completely standalone brand, you'll see in the media and otherwise that the opening line is going to tend to be, you know, the electric brand from the lineage of Harley-Davidson, LiveWire. But what me and the team focus on is building LiveWire as its own brand with its own identity distinct from Harley-Davidson, and of course, taking advantage of all the associations that we talked about in the presentation, working with many of the same retailers, you know, a subset of the Harley-Davidson network that's really focused on electric and aligned with the mission, and then a lot of what Vance talked about in terms of the capabilities. In terms of our North Star as it relates to that, our mission is to build up a completely independent brand with its own identity. Just a quick follow-up, I keep forgetting to say this is Robin Farley from UBS. Can you give us sort of what the expectation is from a competitive response to LiveWire and how you're thinking the competitive landscape will play out in EV? Yeah. Well, I mean, first, I guess we're kinda happy to see the way we've rattled some people already. I think if you take a look at really two segments of competitors, one, sort of the big traditional global motorcycle OEMs, I think you've seen since we started moving more deliberately in this direction, people sort of rapidly changing their narrative around what they're up to. Now, fortunately, in this industry, it takes a while to develop an electric bike, and if you wanna develop a good one, it takes even longer. Relative to those competitors, we certainly respect the capabilities that they have, the funding that they'll have to pour into it, obviously global distribution networks and supply chains and otherwise. We've spent a lot of time getting these bikes where they are, and we know they've got a long road ahead. We feel pretty comfortable. You know, our job is to take this lead that we've been given by the fact that Harley-Davidson started thinking about this 12 years ago now, and make sure we run like hell over the next 4 or 5 years before some of those first entries come from some of those competitors. You're also seeing obviously a lot of activity with more pure play companies, smaller companies, and some of those I think have some real creative ideas and something to really bring new and to offer to the industry. Of course, when they get to distribution and, you know, all the things going on in the world with supply chain and otherwise, you know, that can be difficult for a brand in that position to scale. You know, that's why we have the benefit of Harley and KYMCO to help us get there. Thank you. To understand the bike, you really have to ride it. For those riders in the room, you know, try it out. LiveWire ONE and the Del Mar have no comparison. I think the difference is that, you know, LiveWire ONE has been in the market for quite some time. It's always the leading product in the EV space, and we believe that Del Mar will do exactly that in the middleweight segment. It's an extraordinary bike. You should experience this. In fact, we will be able to show it to you downstairs later on. In order to really understand it, you'll need to experience it. You know what made me sort of think about LiveWire as a separate brand is when I was riding my Harley-Davidson in Milwaukee, a year and a half ago, everyone was like: "Wow, what is that? Is that a LiveWire?" They didn't say, "Is that a Harley-Davidson?" They said, "Is this a LiveWire?" So that made me to believe that we actually already successfully established a brand, and it was just the next logical step to say, let's set it up being part of the lineage of Harley-Davidson, but give it its own identity and, to Ryan's point, target a different consumer, different weight, different kind of innovative consumer that, you know, that we want to get into the LiveWire brand. We think that is a great opportunity to lead and innovate in a segment that we can grow and build over time with all the benefits that we talked about today. All right. Again, please raise your hand for questions. Brett Andress, KeyBanc Capital Markets. It looks like that bike shares a lot of the architecture with the original bike, and so I guess my question is, how long did that take to develop? I'm trying to figure out just maybe the cadence of new product from here and maybe how this could be quicker than the, you know, the traditional motorcycle pipeline. Just around any unit expectations for that particular bike. Yep. You want me to start with it? Yeah. Yeah. First of all, the architecture's interesting that they look similar, but I think as you get closer to the bike and really start studying the details, what you'll find is there's very few similarities between the two. Very different architectures. The Del Mar, based on the Arrow architecture and S2 platform, was developed from the ground up. There were plenty of shortcuts that could have been taken, but we decided that this was the one that that warranted deep investment, starting back in 2018 where we really ramped up spending on developing this product, building our internal capabilities, including starting up our facility in Silicon Valley that we call LiveWire Labs, and pulling in top EV talent from around the globe. What we've found is that, by taking this pure approach and starting from scratch, we were able to get to a level of refinement and control of every aspect of the hardware and software that will be a sustained competitive advantage. Nobody else in the EV industry today, in motorcycle EVs, has this level of in-house development and control of all of the hardware and software. As I tell the team often, this is likely to be the largest, most complex program we will ever do because we're doing everything from scratch all at once. What you're seeing in the Del Mar and the one that you will ride downstairs is the culmination of a number of years of significant work. From this point on, everything gets much easier because everything else is now built upon that foundation that we wholly own at LiveWire. That is a huge competitive advantage because there's nobody out there that is actually doing that, and therefore, you know, LiveWire ONE or the previous Harley-Davidson LiveWire are really no comparison to what you see here. It's a totally different core competency that we've built in-house now, and that will allow us to scale it much quicker than any competitor. Did you have unit expectations? Maybe I missed it, what's the price point on that? Well, $17,699 for the limited edition, the 100, and then targeted $15,000. In terms of unit expectations, we won't offer unit expectations specifically for that bike. If you look at the units that are in the S4, particularly for the period from now until 2024, LiveWire ONE will continue to be a big contributor. On balance, more will come from the S2 platform. Both this bike and your earlier point about how quickly you can develop future bikes. Because it is a modular architecture, we don't need to wait five years to see the next bike on the S2 platform. Within that timeframe, you'll see, not just this bike, but others to contribute to that platform. Great. Next question. Thanks. Joseph Altobello, Raymond James. If you look at the original LiveWire, the MSRP was almost $30,000. This is about half of that. Maybe help us understand what the gross profit looks like from the original to S2. Well, the product cost itself has come down a bit from the original. The other thing that is different is our go-to-market model. As you think about the overall margin profile of these bikes moving forward, the way that we're going to market changes how we're interacting with the dealers and what we're kinda paying our dealers to sell these products. Is the cost itself relatively kinda stable, but we are able to make up for that price decline given what is happening with the dealer network. Okay. On Del Mar specifically, I mentioned earlier a 44% reduction in time to assemble the bike. That's representative of the level of optimization and simplification that's gone into the design. Del Mar cost is significantly below a LiveWire ONE cost. Okay. That's helpful. Just to follow up on that, any thoughts of going direct à la Tesla, for example, at some point? Not direct in the same way that Tesla would, but then the model that we described essentially as a customer, if you want the Tesla experience, the model today supports that. What we've tried to do is say, you know, we're gonna have a certain amount of customers that might wanna go online, they might wanna work entirely through their phone, maybe talk to a guru to answer a few questions, and they'd like the bike to show up in their driveway. A fair amount of our customers to date fit that category. We wanna make sure that that process is as seamless as possible. Equally, it's a very new product, and a lot of people wanna see it and get on it. We've got a lot of dealers out there that have invested in the fast chargers, they've invested in building their team, they understand why EV is so important and understand why we're asking them to work under a different model than a Harley-Davidson would, for example. For the customers that want it, the Tesla experience essentially already exists. For those customers that wanna make sure they have a service option nearby, you know, wanna have a dealer to bring the bike back to should they need to, wanna test ride it before they buy it, you've got that sort of more traditional option as well. Then we talked a little bit about those Gurus who are essentially the glue that sort of hold that all together. We're bringing a lot of leads and intake through our digital engine. We work with that customer to understand their preferences and where they are in their journey, and then have a very direct kinda hand-holding with the local retail partners, to make sure that customer gets the transaction that they're looking for. If you wanna avoid all that and never go to a store, you can go online and get started this afternoon. Look at it as a hybrid model really, to get the best of both worlds. I mean, our quantities in comparison to auto are very different. You know, using the strength of the dealer network that Harley provides and picking the best dealers that are suitable for that customer and for that experience, I think is a huge asset that nobody else brings to the table. Then to Ryan's point, give the choice to the consumer to say, "Well, I wanna go into dealership," or, "I just want it shipped at home," which the dealer will do. I think that's quite an extraordinary new model that, you know, I haven't seen in the market yet in the OEM world really. Thanks. Great. If you can raise your hand if you have a question, please. Yeah. Thanks. David MacGregor at Longbow Research. Can you just talk about the implied market size that you're assuming in some of these projections, whether it's in units or dollars, however you're comfortable, if there's any quant you can give us on that? Secondly, with respect to the dealers, again, is there any way you can give us some sense of profile on who these dealers are? What's their typical experience? Are they existing hog dealers that are just looking to participate with a separate retail venue? Just any kind of profile you can give us on those guys would be helpful. Thanks. Yeah. On the TAM front, we included in our S-4 our view of the look-ahead, and we really built that up in a few different ways. One is obviously looking at the key markets that we're targeting, so North America, Europe, and Asia. The second is thinking about how the product that will come to market will change over time. We have a starting point in each of those markets to work from in terms of what bikes are being sold today. In some cases that's instructive, and in some cases it's less instructive. In Asia, for example, there are quite a few two-wheel electric vehicles out there. They're a pretty far cry from, you know, what we'll be selling in Asia, as LiveWire. We expect the market to grow quite healthily. If we look at all the factors that you see influencing EVs more broadly, you know, we would suggest that each of those factors applies either equally to motorcycles or in some cases even more so. In terms of the way that it transforms the experience, probably more so than auto, in terms of the serviceability and the cost of ownership of the bike over time, equal. In terms of government support, they're gonna tend to start with four wheels, who are sort of the bigger climate impactors, but almost always you'll see two-wheel kind of come right behind that. We like that side of the equation in terms of what are the market forces that will be there for electric. It's, you know, a little bit similar to what you see today in automotive, where, you know, finally in 2022 you're seeing enough entries to the market outside of just one player, and more price points and sort of more applications to allow the market to sort of meet that demand with a more diverse set of supply. We're not at that point in 2022 the way auto is, but we expect in a few years here, we will be. Optimistic about that TAM, and obviously for us that means a couple things. One, the product plan that we're talking about and the importance of continuing to push down to some of those price points that give us access to those broader parts of the market. Also, spending more time in international markets on balance than you might expect from Harley or other OEMs. The second part of your question? Sorry, I forgot. Well, in turn, I can take that. Profile on the dealers. I mean, we've been focusing on Harley dealers that can service that customer profile with the more urban-centric consumer in mind. Then obviously from a state perspective, we are looking at those states first that have the highest EV adoption rates in the four-wheel space and the two-wheel space, and that would be California, Florida, Texas. From there, we are taking on other markets. Europe in particular with Germany being the largest market that will be important for us to go online in Germany and Europe next year because that's where the adoption actually happens faster than in the U.S. right now. The focus right now is on those Harley dealers that have the interest, the passion, the energy, and the ability to actually successfully help us launch the hybrid model, and that's where the focus has been. Thanks. Can I just add one point of color on the TAMs and where our unit projections leave us? I think it was in our original presentation that we had back in December. It was one of the appendix pages if you wanna flip back there. It shows where our unit projections leave us in terms of share. If you look across all of the markets, you know, within the North America market, we're relatively in line with where Harley is today. When you think about the position that we have, the leadership, the head start that Ryan was talking about, us holding that and continuing to maintain as we move forward. Within Europe, our share there is gonna be slightly ahead of where we are today, but that makes sense just given the product segmentation and where LiveWire is gonna play compared to where Harley plays within Europe. The build-out of the infrastructure there, the pace with which it's gonna go, we feel like us again having this head start in development gives us a good kind of leading edge to be able to gain that share. Within the APAC market, a very low share. The TAM is huge. As Ryan said, that we're not gonna be playing where, you know, those very low bikes. That's not where we're choosing to play, but our share will be representative of what we have today for Harley. just to give it some sort of kind of sense check of where we get to at the end of this, it, you step back and you look at units versus share, it starts to hang together. Mm-hmm. Great. One more opportunity for questions if there are any. Okay. Let me turn it back over to Jochen. Great. Well, thank you very much again, and please come downstairs for those who wanna see our Del Mar edition, racing. Not really racing actually. I've been riding this bike now, first time, what was it? Fall of last year, in a snowstorm, so it was late fall rather winter, although winter turns quickly here in Milwaukee. It's just a fabulous experience. It's like I didn't know what to expect really after, you know, being a loyal LiveWire ONE customer, but it's an exhilarating experience that delivers more than you could expect. I was blown away by this bike, and I think it's gonna do great things once we get it out there for people to ride it and for the press to, you know, to test it. Please, stick around, and if you have any questions, we're here to answer. Thank you. Just one more late-breaking word from Jon Bekefy, our Head of Marketing over here. Probably have about two or three minutes if you want a special edition. 90 of 100 of them have sold since we listed at 12:30. Get working. Thanks, everybody. Thank you.