Harley-Davidson has officially announced to exit India: $169 million in 2020
The Covid-19 pandemic has led to a decline in the economy of the Automobile sector in India. Among them the foreign companies are facing a severe decline from the market due to heavy loans in the market, Harley-Davidson from the US an iconic motorcycle brand across the globe has led to declining all its showrooms and manufacturing plants in Bawal, Haryana, India along with its more than 29 showrooms across the country have finally come up with a conclusion to shatter down the showrooms in India.
Sep 24, 2020, 21:28 IST
Harley-Davidson the most famous motorcycle brand for its engine, looks, and racing with technical expectation, included among the top 5 brands in the world from the United States has finally announced its decision to discontinue its trade and manufacturing in India.
On September 24, 2020, the company announces that it was facing a huge loan in the market, facing difficulty to pay its employees. This brand had high prices on its basic models Steel750 which is Rs.4.69lakh which was difficult to buy for Indian customers. High-cost expenses on damage due to the high-cost manufacture of the steel and its export.
The US-Company had previously expressed its Restructuring actions associated with the Rewire that were approved through August 5, 2020.
The company is calculatingly expecting a loss $169 million in 2020.
Announcement associated with additional actions under the rewire is expected to occur, some of which will likely result in additional restructuring charges.