A snapshot of motorcycle and ATV industry share performance across key manufacturers and major global markets at the trading week closure on Friday 7 February 2025. BDN financial editor Roger Willis reports.
USA — VOLATILITY BECOMES NORMAL
For a second week on the trot, President Trump’s constant meddling with everything from increasingly dubious US economic policy to the US Federal Reserve’s reluctance to cut interest rates in the face of contrary jobs data, destabilised investors and discouraged risk.
So New York market indices finished with even firmer degrees of negativity. The blue-chip S&P 500 and Dow Jones Industrial Average respectively closed 0.2% and 0.5% in arrears. NASDAQ’s tech-heavy Composite also sank by 0.5%.
S&P’s MidCap 400 fell by 1%. Among MidCap members declaring full-year results, Harley-Davidson took an initial spanking for an extremely poor annual performance, before recovering slightly. Its LiveWire electric spin-off wallowed in much worse ignominy without respite. Powersports giant and Indian Motorcycle parent Polaris was also a big-time loser.
| Currency: dollar | Price | Week | Month |
| Harley-Davidson | 26.82 | -0.9% | -3.5% |
| Polaris Industries | 44.38 | -7% | -18.1% |
| Textron | 74.52 | -2.6% | -1.4% |
| Niu Technologies | 2.07 | +2.5% | +21.1% |
| LiveWire | 2.66 | -15.6% | -41% |
EUROPE — THE ROT SETS IN
European markets were increasingly enfeebled by comments from President Trump that he planned to announce reciprocal tariffs on a range of US trading partners in the next few weeks, and Europe’s automotive exporters would definitely be in the firing line. Germany’s key Xetra Dax index in Frankfurt therefore struggled for traction, rising by only 0.3%. Inevitably, BMW and Volkswagen shares dropped in value, given the US vehicle assembly activities and repatriated profits of both brands.
The FTSE MIB in Milan fared much better, boasting a 1.6% index gain thanks to blonde bombshell Italian prime minister Giorgia Meloni climbing into bed for various deals with Trump and his catamite Elon Musk. However, Piaggio didn’t manage to benefit.
| Currency: euro | Price | Week | Month |
| BMW | 76.38 | -2.8% | +0.1% |
| Volkswagen | 96.45 | -4.9% | +4% |
| Pierer Mobility | 17.90 | -1.4% | +7.8% |
| Piaggio Group | 2.11 | -2.3% | N/A |
JAPAN — HONDA HEGEMONY HOPES HIT TILT
Nissan has pulled out of a $58bn merger plan with Honda, because it couldn’t countenance the prospect of being reduced to a wholly-owned subsidiary of Honda’s flagship brand, in what would have become the world’s third-largest automotive giant after Volkswagen and Toyota. Tokyo and Osaka’s key Nikkei 225 market index dropped abruptly to close the week 2% down in response. Honda’s share price fell, but not dramatically, given that it’s already four times bigger than Nissan — which has been struggling for some time.
On a quieter note, Suzuki stock rose on the back of sound nine-monthly results for both its automotive and motorcycle businesses. Kawasaki’s powersports division also delivered a reasonable quarterly performance but was held back by weakness in other sectors of the Kawasaki Heavy Industries conglomerate.
Meanwhile, in Washington, Trump gave Japanese prime minister Shigeru Ishiba an ear-bashing on the subject of tariff imposition affecting Japan’s exports if the trade deficit with his country wasn’t eliminated in short order.
| Currency: yen | Price | Week | Month |
| Honda | 1436.5 | -2.8% | -6% |
| Yamaha | 1215 | -6.8% | -6.4% |
| Suzuki | 1920 | +2.7% | +8.5% |
| Kawasaki | 7139 | +1% | +1.2% |
INDIA — NO IMMUNITY TO TRUMP
The Indian government hasn’t escaped a Trump tongue-lashing either, highlighting its substantial US revenue from agricultural exports (primarily fruit), while also still imposing some painfully large import tariffs — not least 100% on Harley-Davidson motorcycles — and set against a downturn for the economy. No visible outcome is on the horizon yet, though.
India’s stock trading activity remains positive for the time being. Mumbai’s S&P BSE Sensex 30 and NSE Nifty 50 market indices rose respectively by 0.5% and 0.2% in the past week. Four of the five major Indian motorcycle manufacturers enjoyed share price rises, with only Hero MotoCorp on a losing streak.
| Currency: rupee | Price | Week | Month |
| Hero MotoCorp | 4274.65 | -1.5% | +3.7% |
| Bajaj Auto | 8989.40 | +1.6% | +2.6% |
| TVS Motor | 2605.65 | +6% | +14.1% |
| Eicher Motors | 5372.55 | +3.4% | +6.2% |
| Mahindra | 3198.45 | +7% | +3.4% |
CHINA — CONFRONTING THE YANKS
Cheerfully returning to work after Chinese Lunar New Year celebrations, Xi Jinping and his Beijing government were remarkably unperturbed by the first 10% wave of additional tariffs imposed by the US. In fact they promptly launched a series of counter-measures.
Post-celebration hubris also extended to stock-market rallies. Shanghai’s SSE Composite index rose by 1.6% and the blue-chip CSI 300 put on 2%. Seven of China’s ten listed motorcycle producers added various degrees of value, with only very minor losses for Qianjiang, Loncin and CFMoto.
| Currency: yuan | Price | Week | Month |
| Qianjiang | 19.64 | -1.4% | +15.4% |
| Zongshen | 25.50 | +17.5% | +21.5% |
| Sundiro | 3.51 | +0.9% | +5.4% |
| CETC (Jialing) | 13.28 | +6% | +8.9% |
| Lifan | 7.43 | +19.8% | +26.8% |
| Loncin | 9.91 | -2.4% | +16% |
| Linhai | 9.43 | +3.1% | +13.9% |
| Guangzhou Auto Group | 9.14 | +6.3% | +10.5% |
| CFMoto | 204.00 | -1.2% | +14.9% |
| Xinri E-Vehicle | 10.53 | +3.5% | +8.2% |