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Harley’s electric motorcycle division to go public via $1.7 billion SPAC deal

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from https://www.cnbc.com/ Key Points : Harley-Davidson’s electric-motorcycle division will go public through a merger with a blank-check firm in a deal valued at $1.77 billion, the company said on Monday. The company launched LiveWire earlier this year, hoping to claw back lost market share as its core baby boomer customer base grows older and interest in motorcycling as a recreational activity fades. Harley-Davidson will retain a 74% stake in the company, which is expected to list on the New York Stock Exchange under the symbol “LVW.” Harley-Davidson’s electric-motorcycle division will go public through a merger with a blank-check firm in a deal valued at $1.77 billion, the company said on Monday, as the 118-year old brand bets on younger customers to boost volumes. The company launched LiveWire earlier this year, hoping to claw back lost market share as its core baby boomer customer base grows older and interest in motorcycling as a recreational activity fades. A broader awareness about climate change is also paving the way for automakers to lean towards greener vehicles. Valuations have gained as money managers are also increasingly factoring in ESG policies in their investments. Harley is the latest to cash in on an uptick in valuations of electric-vehicle makers. Last month, Amazon-backed EV maker Rivian shot past $100 billion in valuation in its market debut, surpassing Ford and General Motors. “If anything this underlines what we’ve been saying for a long time. Detroit, wake up! The train has left the station! EVs are inevitable,” Roth Capital analyst Craig Irwin said. “Many traditional OEMs (Original equipment manufacturers) with emerging EV businesses can obviously do similar spinoff transactions,” Irwin added. Harley’s shares rose 11.3% in premarket trading, while those of AEA-Bridges were up 3.4%. Jochen Zeitz, Harley’s chief executive, will be the chairman of LiveWire for up […]

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RIDING FREE FROM DC: Your Weekly Biker Bulletin from Inside the Beltway

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Your Motorcycle Riders Foundation team in Washington, D.C. is pleased to provide our members with the latest information and updates on issues that impact the freedom and safety of American street motorcyclists. Count on your MRF to keep you informed about a range of matters that are critical to the advancement of motorcycling and its associated lifestyle. Published weekly when the U.S. Congress is in session. Capitol Hill Update Republicans Pressing Democrats With Democrats now the majority party in the House of Representatives, they control the committee chairmanships and thus control the agenda for each committee. The House Energy and Commerce Committee, who has jurisdiction over autonomous vehicle technology, is now chaired by Frank Pallone of New Jersey. This puts Republicans in a role they not been in since 2010, seeking the help of Democrats to tackle legislative priorities. Republican Greg Walden of Oregon, the previous chairman and now ranking member as well as Congresswoman McMorris Rodgers of Washington and Bob Latta of Ohio sent Chairman Pallone a letter regarding the need for Congress to act on autonomous vehicles legislation. “We write to urge the Energy and Commerce Committee to take up bipartisan self-driving vehicle legislation. Last Congress this Committee worked across party lines to draft H.R. 3388, the Safely Ensuring Lives Future Deployment and Research in Vehicle Evolution Act (SELF DRIVE Act). The SELF DRIVE Act was an example of this Committee at its very best: working together, across the aisle, to develop legislation that will advance lifesaving technology. As a result of our deliberative, transparent, and bipartisan process, the Committee voted unanimously, 54 yeas and 0 nays, to report the SELF-DRIVE Act to the House floor where it again passed unanimously. Unfortunately, the Senate failed to act on the bill,” Walden, Latta, and Rodgers wrote. The MRF has

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2019 federal spending package increases infrastructure funding

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It took a while, but a 2019 spending package was finally approved by Congress, signed by President Trump, and enacted February 15. In addition to the $1.375 billion for southwest border barriers, the package also includes full-year 2019 funding levels for important federal infrastructure programs, including the Department of Transportation (DOT) and the Environmental Protection Agency (EPA), the Engineering News-Record reports. The 2019 package is the second year of a two-year, bipartisan House-Senate budget deal that included a pledge to raise overall federal infrastructure spending by $20 billion over 2017 levels. It sets the federal-aid highway obligation ceiling at $45.3 billion, up $1 billion, or 2 percent, from 2018 and equal to the amount authorized in the 2015 Fixing America’s Surface Transportation Act (FAST Act), which comes from the Highway Trust Fund. The legislation also contains $3.25 billion more from the general fund for highways, up from $2.525 billion in 2018. A 2019 “bonus” amount includes $2.73 billion for states, up from $1.98 billion in 2018, and $475 million for bridge replacement and rehabilitation, more than double the 2018 amount. Better Utilizing Investments to Leverage Development (BUILD) grants received $900 million for 2019, down 40 percent from 2018, but it was not discontinued as President Trump suggested. The program was originally called Transportation Investment Generating Economic Recovery, or TIGER. The Federal Transit Administration will receive $13.4 billion for 2019, down $67 million from 2018, with transit formula grants getting $9.9 billion and capital investment grants receiving $2.5 billion, down from $2.6 billion in 2018. An additional $700 million, down from $834 million in 2018, goes for transit infrastructure grants, which include bus facilities and “state of good repair” projects. The Federal Aviation Administration’s Airport Improvement Program was frozen at 2018’s $3.35 billion, an amount that comes from the Airport and

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