A snapshot of key motorcycle industry share performance at close of trading on Friday 24 April.
USA
the Trump Administration’s tariff policy has been negatively impacting Harley-Davidson’s margins to a considerable degree. Although Harley is an American company, it sources a lot of parts from Asia, Europe and Latin America. As a result, the manufacturing arm HDMC’s gross margin fell to 24.2% in 2025 from 28% in 2024, with tariffs costing $67m in 2025. In 2026, the company estimates $75-$105m in new or higher tariff costs, based on current rates. Although Harley’s share price has rebounded to some extent in recent weeks, peaking briefly at $24.51, the company is to unveil a new strategic plan alongside its Q1 2026 financial results in May. LiveWire, Harley’s electric motorcycle spin-off, has also benefited from a recent brief share gain, reaching $2.23, associated with unveiling S2 Alpinista model custom builds.
Polaris Inc shares rallied following the company’s announcement that recent changes in Trump’s tariff policy are not expected to materially affect its full-year 2026 guidance. Polaris is the only major US-headquartered powersports company with substantial domestic manufacturing, operating facilities in Alabama, Indiana and Minnesota. The company is also making studied efforts to strengthen its relationships with domestic suppliers. Against this fairly upbeat background, the company expects 2026 sales to increase by a considerable margin compared with 2025.
JAPAN
Honda and Sony have agreed to scrap their plan to jointly develop upmarket electric vehicles, in the latest global retreat from a planned phase-out of petrol engines. Their flagship Afeela EV, which was due to launch in the US this year with a starting price of almost $90,000, has been cancelled. This decision came shortly after Honda abandoned its electric “0” series EV range and warned of ¥2.5tn ($16bn) of EV-related losses over two years. Honda president Toshihiro Mibe said that the future of the model under development with Sony hasn’t been resolved. Mibe had set a target in 2021 for Honda to only sell EVs and hydrogen fuel cell cars by 2040. The failed EV push has left him fighting to keep his job.
Kawasaki Heavy Industries meanwhile is now not just noted for jolly green motorcycles. It has just been given the nod by Japanese prime minister Sanae Takaichi to start making lethal weaponry for the first time since the Second World War. This historic policy shift will see Kawasaki supplying missiles, military aircraft and warships to the US, UK and countries in south-east Asia, providing buyers pass strict screening criteria and are not involved in an active conflict. Pacifist investors on the Tokyo Stock Exchange weren’t unduly bothered, though, as its Nikkei 225 index actually rose, but jokes about “you’ve just been bombed by a Bimota” would probably be unwise.
EUROPE
Bajaj Mobility free-float euro stock, with Dax listing in Frankfurt and a Wiener Börse presence in Vienna, has yet to move towards higher volume trading that will properly span the value of its wholly-owned KTM operation. And although the Dax listing quoted here has climbed modestly in the past month, it still sits slightly under the parallel €18.28 currently to be found by Austrian punters. Perhaps it’s time for Bajaj Mobility chief executive Gottfried Neumeister to pull out his finger before expatriate Indian management kicks him sideways.
Falling from a puny temporary peak of €1.691 mid-week, Italian scooter giant Piaggio Group’s share price in Milan sank to not far above its position at the beginning of the month.
BMW has recently announced that its Rolls-Royce subsidiary in the UK will continue to make gas-guzzling luxury cars beyond a previous cut-off date in 2030, joining the serried ranks of European automotives which are now terminating exclusive EV commitments. However, this news didn’t do BMW Group’s Dax Xetra quotation in Frankfurt much good.
CHINA
the Chinese government has built up very large imported reserves of crude oil and natural gas, almost all of which originates from Russia and Iran and is shipped to storage in semi-legal “dark” tankers. But, as yet, US President Donald Trump’s war in the Middle East hasn’t had any noticeable impact on energy demand from China’s exporting industrial base.
Certainly, the four major Chinese motorcycle manufacturing exporters shipping their wares into the US and European markets – QJ, Zongshen, Loncin and CFMoto – haven’t been afflicted by knee-jerk share price movements on the Shanghai stock exchange’s key Composite Index. Indeed, CFMoto has positively blossomed.
INDIA
Hero MotoCorp, Bajaj Auto and TVS Motor were all victims of a fear factor pervading India’s indigenous motorcycle industry and knocking Mumbai shares in the past week, as the threat of energy shortages from the ongoing conflict in the Middle East grows.
As of late April 2026, the Strait of Hormuz is technically open for marine traffic to and from ports in India, which Iran has designated as a “friendly nation”, allowing ships safe passage during the ongoing crisis. However, such passage is restricted, requiring prior coordination with the Iranian authorities, and is still blatantly unsafe, with reports of Indian cargo and tanker vessels being attacked or forced to turn back.
Perhaps surprisingly, Royal Enfield parent Eicher is notably dodging this particular bullet, probably given its export chains to Europe and elsewhere are so flexible and resilient, and therefore so is its Mumbai-quoted share price. Whether the same rules apply to Mahindra, which is also keeping its trading head above water, is likely to be associated with having such a vast range of products – from SUVs to agricultural machinery and quite a lot of BSA Bantam offspring.