Harley-Davidson suspends production for 2 weeks, shares fall

It reported in April that its profit was trimmed by rising costs and chip shortages, which hurt sales in North America.Harley-Davidson shares have lost nearly one-third of their value in the past year and Thursday, stock in the Milwaukee company fell USD 2.76 to USD 32.97.


PTI | Milwaukee | Updated: 19-05-2022 20:55 IST | Created: 19-05-2022 20:55 IST
Harley-Davidson suspends production for 2 weeks, shares fall
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Harley-Davidson announced a two-week suspension of vehicle assembly and most shipments, citing a regulatory compliance issue with one of its suppliers. Shares tumbled almost 8 per cent on Thursday. The decision was made on Wednesday "out of an abundance of caution'' after the company received information from a supplier of one of its component parts, Harley-Davidson said.

The company did not name the supplier or provide details on the part in question and said the assembly and shipping suspension would not affect its LiveWire electric motorcycle.

The company, like most global manufacturers, was already struggling with supply issues. It reported in April that its profit was trimmed by rising costs and chip shortages, which hurt sales in North America.

Harley-Davidson shares have lost nearly one-third of their value in the past year and Thursday, stock in the Milwaukee company fell USD 2.76 to USD 32.97.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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