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Harley-Davidson Inc., the motorcycle maker President Donald Trump has praised for its U.S. manufacturing presence, is cutting workers as younger American consumers buy fewer bikes than baby boomers.
CEOr Matt Levatich told analysts on July 18 that the company planned to make hourly employment reductions, without giving details. Harley's shares plunged the most in more than a year after the company forecast annual motorcycle shipments may decline as much as 8%.
Harley's layoffs run counter to Trump's claims he would drive U.S. economic growth by spurring more factories and hiring. The president in February called Harley a " great example" of successful American manufacturing and said his administration would make it easier for businesses to create jobs and build plants. Instead, slumping demand for pricey bikes has left Harley with too much inventory and needing to pare production at home.
"It's unfortunate," said David Beckel,...