8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report

(Date of earliest event reported): July 20, 2010

Harley-Davidson, Inc.

(Exact name of registrant as specified in its charter)

Wisconsin	1-9183	39-1382325
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

3700 West Juneau Avenue, Milwaukee, Wisconsin 53208

(Address of principal executive offices, including zip code)

(414) 342-4680

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)

Item 2.02. Results of Operations and Financial Condition.

On July 20, 2010, Harley-Davidson, Inc. (the “Company”) issued a press release (the “Press Release”) announcing the Company’s second quarter financial results for the financial period ended June 27, 2010. A copy of the Press Release is being furnished as Exhibit 99.1 to this Current Report.

Item 9.01. Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits. The following exhibit is being furnished herewith:

(99.1) Press Release of Harley-Davidson, Inc., dated July 20, 2010.

-1-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	HARLEY-DAVIDSON, INC.
Date: July 20, 2010		By:	/s/ Tonit M. Calaway
		Tonit M. Calaway
		Assistant Secretary

-2-

HARLEY-DAVIDSON, INC.

Exhibit Index to Current Report on Form 8-K

Dated July 20, 2010

Exhibit Number
(99.1)	Press Release of Harley-Davidson, Inc., dated July 20, 2010.

-3-

EX-99.1

Exhibit 99.1

Media Contact: Bob Klein (414) 343-4433

Financial Contact: Amy Giuffre (414) 343-8002

HARLEY-DAVIDSON SECOND-QUARTER 2010 RESULTS SHOW CONTINUED

IMPROVEMENT IN KEY AREAS

Company Generates Earnings Per Share of $0.59 from Continuing Operations

Results Reflect Benefits of Restructuring and Continued Improvement

in HDFS Performance

Retail Harley-Davidson® Motorcycle Sales Decline Continues to Moderate

MILWAUKEE, July 20, 2010 — Harley-Davidson, Inc. (NYSE: HOG) reported second-quarter 2010 income from continuing operations of $139.3 million, or $0.59 per share, compared to income of $33.4 million and earnings per share of $0.14 from continuing operations in the year-ago quarter. Second-quarter 2010 results include operating income from Financial Services of $60.8 million. Revenue from Motorcycles and Related Products was $1.14 billion in the second quarter.

Worldwide retail sales of new Harley-Davidson® motorcycles decreased 5.5 percent in the quarter compared to the second quarter of 2009, a sequential moderation in the rate of decline from the prior four quarters. In the U.S., retail new Harley-Davidson motorcycle sales were down 8.4 percent and in international markets, retail sales were largely flat, down 0.2 percent compared to last year’s second quarter.

For the first six months of 2010, Harley-Davidson income from continuing operations was $208.0 million, or $0.89 per share, a 28.9 percent increase from the year-ago period.

“Harley-Davidson is making steady progress at executing its strategy to deliver results through focus,” said Keith Wandell, President and Chief Executive Officer of Harley-Davidson, Inc. “We are seeing the benefits of our restructuring and continuous improvement activities reflected in our earnings performance.

“We are pleased with the continued moderation in the rate of decline of retail new Harley-Davidson motorcycle sales again in the second quarter. At the same time, we continue to believe conditions will remain challenging this year for new motorcycle purchases and we will manage the business based on that expectation, with a continued strong focus on managing supply in line with demand,” Wandell said.

“Despite the decline in second-quarter retail motorcycle sales, we believe interest in the Harley-Davidson brand remains strong among riders of all generations. In fact, Harley-Davidson is the U.S. market share leader of on-road motorcycles among young adults. We will continue to focus our resources on expanding the global reach of the brand and developing new products that will reach even more riders going forward,” Wandell said. “I would like to thank our employees for their continued hard work and support of our strategy.”

Page 1 of 5

Harley-Davidson Motorcycles and Related Products Segment

Second-Quarter Segment Results: Revenue from Harley-Davidson motorcycles during the second quarter of 2010 of $831.6 million was up 2.8 percent compared to the year-ago period. In line with guidance, the Company shipped 59,046 Harley-Davidson motorcycles to dealers and distributors worldwide during the quarter, compared to shipments of 58,179 motorcycles in the second quarter of 2009.

Revenue from Parts and Accessories totaled $231.8 million during the quarter, up 0.2 percent, and revenue from General Merchandise, which includes MotorClothes® apparel, was $67.4 million, down 3.2 percent compared to the year-ago period.

Gross margin was 35.0 percent in the second quarter, compared to 34.1 percent in the year-ago period. Second-quarter operating margin decreased to 13.9 percent from 15.3 percent in the second quarter of 2009.

Six-Month Segment Results: Through the first six months of 2010, shipments of Harley-Davidson motorcycles were 112,720 units, a 15.2 percent decrease compared to last year’s 132,849 units for the period. Revenue from Harley-Davidson motorcycles through six months was $1.64 billion, a 9.8 percent decrease compared to the year-ago period. Six-month P&A revenue was $380.9 million, a 5.0 percent decrease from the first half of 2009. General Merchandise revenue was $133.6 million, a 7.7 percent decrease compared to the same period in 2009. Gross margin through six months was 35.7 percent and operating margin was 13.1 percent, compared to 35.7 percent and 16.8 percent respectively in last year’s first half.

Retail Harley-Davidson Motorcycle Sales

During the second quarter of 2010, dealer retail sales of new Harley-Davidson motorcycles decreased 5.5 percent worldwide, 8.4 percent in the U.S. and 0.2 percent in international markets, compared to the prior-year quarter. Second-quarter retail results reflect a sequential moderation in the rate of decline from the prior four quarters, although the basis for comparison has decreased over that period. Industry-wide U.S. heavyweight motorcycle (651cc-plus) retail unit sales decreased 10.1 percent in the second quarter compared to the year-ago period.

Through six months, worldwide retail sales of Harley-Davidson motorcycles decreased 10.7 percent compared to the prior-year period. U.S. retail sales of Harley-Davidson motorcycles decreased 15.3 percent for the first half of the year while the U.S. heavyweight market segment was down 14.7 percent for the same period, compared to the year-ago period. In international markets, retail sales of new Harley-Davidson motorcycles decreased 1.1 percent for the first six months of 2010 compared to 2009.

Second-quarter-and first-half data are listed in the accompanying tables.

Guidance

The Company reiterated its expectation to ship 201,000 to 212,000 Harley-Davidson motorcycles to dealers and distributors worldwide in 2010, a reduction of five to ten percent from 2009. In the third quarter of 2010, the Company expects to ship 53,000 to 58,000 Harley-Davidson motorcycles. Harley-Davidson now expects gross margin to be between 32.5 percent

Page 2 of 5

and 34.0 percent for the full year, versus the prior estimate of 32.0 percent to 33.5 percent. The Company continues to expect full-year capital expenditures of between $235 million and $255 million, including $95 million to $110 million to support restructuring activities.

Financial Services Segment

Second-quarter operating income from Financial Services was $60.8 million, compared to an operating loss of $90.5 million in the year-ago quarter. Last year’s second-quarter results were affected by two non-recurring, non-cash charges totaling $101.1 million to establish a credit loss provision related to the reclassification of motorcycle loan receivables and to write off all HDFS goodwill. Through six months, operating income from Financial Services was $87.5 million, compared to an operating loss of $79.3 million in the first half of 2009.

Restructuring Update

The Company continues to expect previously announced restructuring activities begun in 2009 to result in total one-time charges of $430 million to $460 million into 2012, including charges of $175 million to $195 million in 2010. In 2010, the Company continues to expect savings of $135 million to $155 million from previously announced restructuring activities, increasing to expected annual ongoing savings of approximately $240 million to $260 million upon completion of these restructuring activities.

The Company and the unions representing its Wisconsin production employees are scheduled to begin negotiations this week on new labor agreements that would take effect upon the expiration of the current contracts in April 2012. Through the negotiation of new agreements, the Company seeks to close large cost gaps in its Milwaukee-area and Tomahawk production operations and improve flexibility to meet seasonal and other customer-driven production needs. If Harley-Davidson is unable to achieve those objectives through agreement with the unions by mid-September 2010, the Company has said it will move Wisconsin production operations to another U.S. location. The financial effects of a decision on Wisconsin production operations are not included in the restructuring costs and savings delineated above. The Company will provide updated cost and savings information at such time as it discloses a final decision on the Wisconsin operations. The Company will retain corporate headquarters, product development and the Harley-Davidson Museum in Milwaukee, regardless of the outcome of its decision on production operations.

Income Tax Rate

The Company’s second-quarter effective income tax rate from continuing operations was 29.2 percent compared to 59.9 percent in the same quarter last year. The rate decrease was generally due to the non-recurrence of a $28.4 million non-deductible goodwill impairment charge incurred in the second quarter of 2009 as well as the favorable conclusion of an IRS audit in the second-quarter of 2010 and, in connection with the settlement, an adjustment to income taxes payable. The Company now expects its 2010 full-year effective tax rate from continuing operations to be approximately 36.0 percent.

Page 3 of 5

Cash Flow

Cash and marketable securities totaled $1.50 billion as of June 27, 2010, compared to $1.02 billion at the end of last year’s second quarter. Cash provided by operating activities of continuing operations was $726.0 million and capital expenditures were $45.8 million during the first half of 2010.

Discontinued Operations

The Company continues to be in discussions with potential buyers regarding its previously announced intention to sell MV Agusta. For the second quarter of 2010, Harley-Davidson, Inc. incurred a $68.1 million loss from discontinued operations, comprised of operating losses as well as a fair value adjustment of $61.5 million net of taxes. Including discontinued operations, the Company reported earnings per share of $0.30 in the second quarter of 2010. Through the first six months of 2010, Harley-Davidson, Inc. incurred a $103.5 million loss from discontinued operations. First-half earnings per share, including discontinued operations, were $0.45.

Company Background

Harley-Davidson, Inc. is the parent company for the group of companies doing business as Harley-Davidson Motor Company (HDMC), Harley-Davidson Financial Services (HDFS), Buell Motorcycle Company (Buell), and MV Agusta.

Conference Call and Webcast Presentation

Harley-Davidson will discuss second-quarter results on a Webcast at 8:00 a.m. CT today. The Webcast presentation will be posted prior to the call and can be accessed at http://investor.harley-davidson.com/. Click “Events and Presentations” under “Resources.”

Forward-Looking Statements

The Company intends that certain matters discussed in this release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the Company “believes,” “anticipates,” “expects,” “plans,” or “estimates” or words of similar meaning. Similarly, statements that describe future plans, objectives, outlooks, targets, guidance or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date of this release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this release are only made as of the date of this release, and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

The Company’s ability to meet the targets and expectations noted depends upon, among other factors, the Company’s ability to (i) execute its business strategy and divest certain company assets, (ii) effectively execute the Company’s restructuring plans within expected costs

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and timing, (iii) successfully achieve with our labor unions flexible and cost-effective agreements to accomplish restructuring goals and long-term competitiveness, (iv) manage the risks that our independent dealers may have difficulty obtaining capital, and adjusting to the recession and slowdown in consumer demand, (v) manage supply chain issues, (vi) anticipate the level of consumer confidence in the economy, (vii) continue to have access to reliable sources of capital funding and adjust to fluctuations in the cost of capital, (viii) manage the credit quality, the loan servicing and collection activities, and the recovery rates of HDFS’ loan portfolio, (ix) continue to realize production efficiencies at its production facilities and manage operating costs including materials, labor and overhead, (x) manage production capacity and production changes, (xi) provide products, services and experiences that are successful in the marketplace, (xii) develop and implement sales and marketing plans that retain existing retail customers and attract new retail customers in an increasingly competitive marketplace, (xiii) sell all of its motorcycles and related products and services to its independent dealers, (xiv) continue to develop the capabilities of its distributor and dealer network, (xv) manage changes and prepare for requirements in legislative and regulatory environments for its products, services and operations, (xvi) adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices, (xvii) adjust to healthcare inflation and reform, pension reform and tax changes, (xviii) retain and attract talented employees, (xix) detect any issues with our motorcycles or manufacturing processes to avoid delays in new model launches, recall campaigns, increased warranty costs or litigation, and (xx) implement and manage enterprise-wide information technology solutions and secure data contained in those systems.

In addition, the Company could experience delays or disruptions in its operations as a result of work stoppages, strikes, natural causes, terrorism or other factors. Other factors are described in risk factors that the Company has disclosed in documents previously filed with the Securities and Exchange Commission. Many of these risk factors are impacted by the current turbulent capital, credit and retail markets and our ability to adjust to the recession.

The Company’s ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company’s independent dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its independent dealers and distributors to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company’s independent dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions or other factors.

# # #

TABLES FOLLOW

Page 5 of 5

Harley-Davidson, Inc.

Condensed Consolidated Statements of Income

(In thousands, except per share amounts)

(Unaudited)

	Three months ended						Six months ended
	June 27, 2010			June 28, 2009			June 27, 2010			June 28, 2009
Net revenue from motorcycles and related products	$	1,135,101		$	1,135,734		$	2,172,436		$	2,414,166
Gross profit		396,984			387,195			776,531			861,241
Selling, administrative and engineering expense		208,952			197,871			414,156			406,042
Restructuring expense		30,125			15,131			78,361			49,993
Operating income from motorcycles & related products		157,907			174,193			284,014			405,206
Financial services revenue		173,705			123,967			343,542			228,634
Financial services expense		112,860			186,086			256,015			279,548
Goodwill impairment		—			28,387			—			28,387
Operating income (loss) from financial services		60,845			(90,506	)		87,527			(79,301	)
Operating income		218,752			83,687			371,541			325,905
Investment income		1,551			317			2,427			2,270
Interest expense		23,591			840			47,046			10,586
Income before income taxes		196,712			83,164			326,922			317,589
Provision for income taxes		57,425			49,787			118,894			156,159
Income from continuing operations		139,287			33,377			208,028			161,430
Loss from discontinued operations, net of tax		(68,130	)		(13,627	)		(103,546	)		(24,333	)
Net income	$	71,157		$	19,750		$	104,482		$	137,097
Earnings per common share from continuing operations:
Basic	$	0.60		$	0.14		$	0.89		$	0.69
Diluted	$	0.59		$	0.14		$	0.89		$	0.69
Loss per common share from discontinued operations:
Basic	$	(0.29	)	$	(0.06	)	$	(0.44	)	$	(0.10	)
Diluted	$	(0.29	)	$	(0.06	)	$	(0.44	)	$	(0.10	)
Earnings per common share:
Basic	$	0.30		$	0.08		$	0.45		$	0.59
Diluted	$	0.30		$	0.08		$	0.45		$	0.59
Weighted-average common shares:
Basic		233,314			232,616			233,094			232,442
Diluted		234,853			233,520			234,493			233,088
Cash dividends per common share	$	0.10		$	0.10		$	0.20		$	0.20

Harley-Davidson, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

	(Unaudited) June  27, 2010		December 31, 2009		(Unaudited) June  28, 2009
ASSETS
Current assets:
Cash and cash equivalents	$	1,414,912	$	1,630,433	$	1,023,401
Marketable securities		86,518		39,685		—
Accounts receivable, net		248,620		269,371		253,544
Finance receivables held for investment, net		1,061,598		1,436,114		1,651,700
Restricted finance receivables held by variable interest entities, net (1)		743,697		—		—
Inventories		296,920		323,029		403,524
Assets of discontinued operations		85,126		181,211		243,925
Restricted cash held by variable interest entities (1)		344,595		—		—
Other current assets		304,015		462,106		346,299
Total current assets		4,586,001		4,341,949		3,922,393
Finance receivables held for investment, net		1,717,644		3,621,048		3,472,325
Restricted finance receivables held by variable interest entities, net (1)		2,850,684		—		—
Other long-term assets		1,069,564		1,192,521		1,369,968
	$	10,223,893	$	9,155,518	$	8,764,686
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable & accrued liabilities	$	833,904	$	676,599	$	796,222
Liabilities of discontinued operations		61,501		69,535		72,349
Short-term debt		322,941		189,999		1,690,910
Current portion of long-term debt		341,452		1,332,091		—
Current portion of long-term debt held by variable interest entities (1)		817,602		—		—
Total current liabilities		2,377,400		2,268,224		2,559,481
Long-term debt		2,825,334		4,114,039		3,038,387
Long-term debt held by variable interest entities (1)		2,227,025		—		—
Pension liability and postretirement healthcare benefits		509,441		509,804		754,733
Other long-term liabilities		147,689		155,333		159,302
Total shareholders’ equity (1)		2,137,004		2,108,118		2,252,783
	$	10,223,893	$	9,155,518	$	8,764,686

(1) On January 1, 2010, the Company adopted Statement of Financial Accounting Standard (SFAS) No. 166, “Accounting for Transfers of Financial Assets, an amendment of FASB Statement No. 140,” (codified within ASC Topic 860) and SFAS No. 167, “Amendments to FASB Interpretation No. 46(R)” (codified in ASC Topic 810, “Consolidations”). In accordance with ASC Topic 810, the Company determined that it is the primary beneficiary of its formerly unconsolidated variable interest entities. Accordingly, the Company began consolidating the variable interest entities on January 1, 2010. As a result of the consolidation, the Company recorded a reduction to retained earnings of $40.6 million net of tax.

Harley-Davidson, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Six months ended
	June 27, 2010			June 28, 2009
Net cash provided by (used by) operating activities of continuing operations	$	726,010		$	(124,962	)
Cash flows from investing activities of continuing operations:
Capital expenditures		(45,754	)		(49,113	)
Finance receivables held for investment, net		162,376			(26,099	)
Collection of retained securitization interests		—			26,904
Net change in marketable securities		(47,144	)		—
Net cash provided by (used by) investing activities of continuing operations		69,478			(48,308	)
Cash flows from financing activities of continuing operations:
Proceeds from issuance of senior unsecured notes		—			589,255
Proceeds from securitization debt		—			497,771
Repayments of securitization debt		(1,007,271	)		(13,907	)
Net increase (decrease) in credit facilities and unsecured commercial paper		38,235			(392,366	)
Net borrowings of asset-backed commercial paper		—			87,706
Net change in restricted cash		21,946			(76,658	)
Dividends		(47,033	)		(46,913	)
Purchase of common stock for treasury		(1,191	)		(296	)
Excess tax benefits from share-based payments		3,400			147
Issuance of common stock under employee stock option plans		7,184			10
Net cash (used by) provided by financing activities of continuing operations		(984,730	)		644,749
Effect of exchange rate changes on cash and cash equivalents of continuing operations		(3,172	)		18,662
Net (decrease) increase in cash and cash equivalents of continuing operations		(192,414	)		490,141
Cash flows from discontinued operations:
Cash flows from operating activities of discontinued operations		(22,010	)		(39,445	)
Cash flows from investing activities of discontinued operations		—			(11,843	)
Effect of exchange rate changes on cash and cash equivalents of discontinued operations		(1,856	)		(1,217	)
		(23,866	)		(52,505	)
Net (decrease) increase in cash and cash equivalents	$	(216,280	)	$	437,636
Cash and cash equivalents:
Cash and cash equivalents - beginning of period	$	1,630,433		$	568,894
Cash and cash equivalents of discontinued operations - beginning of period		6,063			24,664
Net (decrease) increase in cash and cash equivalents		(216,280	)		437,636
Less: Cash and cash equivalents of discontinued operations - end of period		(5,304	)		(7,793	)
Cash and cash equivalents - end of period	$	1,414,912		$	1,023,401

Net Revenue and Motorcycle

Shipment Data

(Unaudited)

	Three months ended				Six months ended
	June 27, 2010		June 28, 2009		June 27, 2010		June 28, 2009
NET REVENUE (in thousands)
Harley-Davidson® motorcycles	$	831,631	$	808,709	$	1,640,437	$	1,819,518
Buell® motorcycles		116		22,132		10,906		41,276
Parts & Accessories		231,784		231,339		380,870		401,001
General Merchandise		67,360		69,600		133,615		144,790
Other		4,210		3,954		6,608		7,581
	$	1,135,101	$	1,135,734	$	2,172,436	$	2,414,166
MOTORCYCLE SHIPMENTS:
Harley-Davidson
United States		33,957		35,194		69,625		87,904
International		25,089		22,985		43,095		44,945
Total Harley-Davidson		59,046		58,179		112,720		132,849
Buell		620		2,702		2,394		5,143
MOTORCYCLE PRODUCT MIX:
Harley-Davidson
Touring		20,486		20,989		43,371		46,964
Custom		24,170		22,245		46,742		54,164
Sportster®		14,390		14,945		22,607		31,721
Total Harley-Davidson		59,046		58,179		112,720		132,849

Retail Sales of Harley-Davidson Motorcycles

	Three months ended		Six months ended
	June 30, 2010	June 30, 2009	June 30, 2010	June 30, 2009
North America Region
United States	49,841	54,410	81,686	96,451
Canada	4,897	5,015	6,792	6,882
Total North America Region	54,738	59,425	88,478	103,333
Europe Region (Includes Middle East and Africa)
Europe*	15,909	15,327	23,467	22,894
Other	1,207	971	2,138	1,792
Total Europe Region	17,116	16,298	25,605	24,686
Asia Pacific Region
Japan	3,237	4,022	5,255	6,292
Other	2,222	2,403	4,638	5,051
Total Asia Pacific Region	5,459	6,425	9,893	11,343
Latin America Region	1,633	1,420	2,895	2,789
Total Worldwide Retail Sales	78,946	83,568	126,871	142,151

Data Source (subject to update)

Data source for all 2009 and 2010 retail sales figures shown above is new sales warranty and registration information provided by Harley-Davidson dealers and compiled by the Company. The Company must rely on information that its dealers supply concerning new retail sales, and this information is subject to revision.

Only Harley-Davidson® motorcycles are included in the Harley-Davidson Motorcycle Sales data.

* Data for Europe include Austria, Belgium, Denmark, Finland, France, Germany, Greece, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.

Heavyweight Market Data

	Six months ended
	June 30, 2010	June 30, 2009
United States1	151,679	177,880
	Five months ended
	May 31, 2010	May 31, 2009
Europe2	158,637	165,087

1 - United States industry data includes 651+cc models, derived from submission of new motorcycle retail sales by each major manufacturer to an independent third party. This data is subject to revision and update. Industry data includes three-wheeled vehicles.

2 - Europe data includes Austria, Belgium, Denmark, Finland, France, Germany, Greece, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. Industry retail motorcycle registration data includes 651+cc models, derived from information provided by Giral S.A., an independent agency. Europe market data is reported on a one-month lag. This data is subject to revision and update. Industry data includes three-wheeled vehicles.