Harley's Stock Has Risen Since Indian's Attack Campaign

"I don't think about you at all," is the basic message from Harley to Indian.

By: Jonathon Klein

Jun 12, at 1:53pm ET

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Since Indian Motorcycle launched its political-style attack ad campaign against its main rival, Harley-Davidson, and then furthered its critique on the company in a carefully worded statement to RideApart, Harley's stock has only risen.

The stock price, which is up about 6%—Indian Motorcycle is not currently a publicly traded company, as its acquisition by Carolwood LP removed it from Polaris'—in the last week, not only comes on the heels of the social media campaign in which Indian Motorcycle lambasted Harley-Davidson for its former DEI initiatives, its embrace of electric motorcycles, the brand's offshore manufacturing, and its choice of CEOs, but also on Harley announcing a raft of news that investors and the public will likely see as positives.

New motorcycles, returning favorites, manufacturing switchups, reinvestment in its dealerships, and more have all bullied Harley's rally, as well as the public's perception of the iconic motorcycling company from Milwaukee, Wisconsin.

Moreover, though Indian is seemingly continuing its attack campaign, and its spokespeople are returning similar responses as to the one RideApart received a few days ago to other outlets, Harley's top brass has seemingly decided to let the company's choices speak for themselves. Instead of going after Indian for its own DEI program, offshore manufacturing, and corporate issues, the Motor Co. is giving Don Draper, "I don't think about you at all".

Another likely assist in its stock's ascension.

The stock's rally in recent days comes with the Motor Co. announcing the return of the Sportster, as well as a forthcoming new entry-level motorcycle—the latter of which the brand has needed for years to offset its aging demographics and the current economy. There's also the return of the iconic Super Glide, which just debuted.

LiveWire, Harley-Davidson's EV offshoot, which has failed to return a profit since its launch and has only managed to sell a few thousand motorcycles since, also acquired Dust Moto, an EV dirt bike startup. This acquisition is aimed at satiating the red-hot youth-capturing EV dirt bike market, and likely something the brand needs to survive.

Harley's also reinvesting in its relationships with dealerships after years of more antagonistic too-and-fro. And, most importantly, it's returning the manufacturing of the brand's Revolution Max engine to the United States after years of being produced in Thailand. The latter of which even caught the eye of U.S. President Donald J. Trump and his White House staff.

After Harley's announcement, each government entity's social media channel proclaimed, "AMERICAN MANUFACTURING WIN! Harley-Davidson is bringing the production of certain models BACK to the U.S. More American jobs. More American manufacturing. More bikes Made in America." This was another coup for Harley-Davidson after years of being the ire of President Trump due to the brand's Thai manufacturing and outspoken views against his tariff policies.

Harley's own dealerships are also backing the company and new CEO Artie Starrs. In a letter sent to RideApart from the National Powersports Dealer Association's Harley-Davidson Council, the group pledged its backing of Starrs and Harley through Indian's campaign, stating, "Based on our direct interactions and experiences, the NPDA Harley-Davidson Council supports the leadership of Harley-Davidson President and CEO Artie Starrs. Since assuming leadership of Harley-Davidson, Mr. Starrs has demonstrated a clear commitment to strengthening relationships with dealers, improving communication, listening to dealer concerns, and aligning the interests of the Harley-Davidson Motor Company with the long-term success of its dealer network."

As for Harley-Davidson proper, the brand recently told The Wall Street Journal that its "only agenda is getting back to basics," in regard to it not responding to Indian, putting aside what could have been a tit-for-tat company war between the two.

Indian, however, isn't backing down.

A company spokesperson told The Journal, "We are not afraid to say we believe Indian builds the better motorcycle, and we are not afraid to say Indian is closer to the riders and values that built American motorcycling." That line of "riders and values that built American motorcycling," is of interest, as it mirrors statements included in the original political-style attack campaign the brand launched earlier this week. It also echoes the statement provided to RideApart after the public backlash.

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Comments on RideApart and elsewhere, and even on Indian's own social media, have found the ad campaign divisive, with many stating that Indian should focus on building a better bike than its competitor instead of throwing rocks. Also highlighted by many comments was Indian Motorcycle's own history of DEI initiatives, its flings with EVs, international manufacturing, the failure of Victory Motorcycles, and the 60-year gap between its death in 1953 and acquisition and production resumption in 2011 by Polaris.

All similar, if not identical, issues which Indian brought up in its attacks against Harley.