According to reports, Motorcycle maker Harley-Davidson (HOG) - Get Report plans to begin production its factories this week. Back in March, Harley-Davidson closed its assembly plants in the U.S. due to the coronavirus pandemic. Since then the company has laid out a plan to try and salvage the company's financial hit caused by the pandemic. The company has recognized that due to the effects of the coronavirus, production rates will be lowered at the reopening of plants.
Harley hopes to eventually speed company production in phases. Despite the reopening, not all vehicles, models and colors will be made available at the start. Harley has reported that output will be limited to its bestselling models and colors without customizable features for the rest of 2020.
Last month Harley-Davidson reported earnings per share of 45 cents on net income of just under $69.7 million, down from 80 cents a share on net income of just under $128 million during the first three months of 2019.
Earlier this month Analyst Dave Coleman gave insight on Harley's plans for recovery in 2020 "We expect the plan, called 'The Rewire,' to result in a solid recovery for Harley as the economy restarts. The company is also working to mitigate the impact of the pandemic through salary cuts, hiring freezes, and adjustments in its new product launch schedule. It has also suspended share buybacks and cut its dividend."
Coleman went on to state that Harley-Davidson shares have fallen more than 40% over the last quarter.