Motorcycle maker Harley-Davidson (HOG) - Get Report is planning to leverage the power of its brand and use deeper consumer insights to turn around its fortunes amid a prolonged downturn in the company's stock.
Investors don't seem to think the plan is enough, however, with the stock dropping more than 3% Tuesday.
"We see a meaningful opportunity to leverage the power of the brand to demonstrate how riding a Harley-Davidson fills the mind, body and soul in ways that help riders live for real," said CEO Matt Levatich.
The company has a 10-year plan to increase U.S. ridership to 4 million by 2027 from 3 million in 2017. Additionally, the company expects to grow its international business to 50% of overall revenue.
Harley's international growth now includes electric-powered two-wheelers for kids, eBicycles and a new push into apparel.
"We're on a quest to build the next generation of Harley-Davidson riders. We are activating our refined plan with focus and an intensity to create new pathways to Harley-Davidson and expand access and appeal to more people around the world," said Levatich.
Harley Davidson shares traded just about even year to date, but have fallen nearly 25% over the past 12 months. Shares were down 3.4% to $34.21 on Tuesday.