Harley-Davidson is facing shrinking sales in its home market of the United States, and is hoping to broaden its appeal to new customers in a bid to invigorate sales.
"Our plan will redefine existing boundaries of our brand-reaching more customers in a way that reinforces all we stand for as a brand and as a company and we can't wait to kick it into gear", said Levatich.
The move will also "enable accessible price point for premium small displacement market entry", Harley-Davidson added.
Harley have also indicated that they have a range of small electric motorcycles under development, some of which appear to be more bicycle like than motorcycle.
Harley Davidson is looking to leverage its design and manufacturing capabilities, Harley-Davidson plans to offer its most comprehensive lineup of motorcycles, competing in numerous largest and fastest growing segments with a full portfolio of motorcycles across a broad spectrum of price points, power sources, displacements, riding styles and global markets.
Harley-Davidson’s Growth Plan Includes An Adventure Tourer And A 250-500cc Motorcycle For Asia
For years, American motorcycle maker Harley Davidson's sales have been dipping as the brand is yet to make a connect with newer motorcycle buyers - the millennials. The electric motorcycle market is still relatively dormant, and Harley-Davidson says it plans to take a leadership role, especially from a design perspective starting with the LiveWire.
It also plans to add "lighter, smaller and more accessible products" through 2022 in its electric motorcycles portfolio.
The announcement by Harley comes after three consecutive years of declining sales in India.
"The accelerated strategy will require significant investment to change the trajectory of the business globally, and the company plans to fund it entirely through comprehensive cost reduction and reallocation of previously planned investment and resources", the company said.
The president responded on Twitter saying that Harley-Davidson "should stay 100% in America".
Speaking with CNBC, Levatich said that riding the LiveWire "is a different feeling". There will always be riders who want those bikes, but they're likely to be a dwindling cadre in the US.
The company is now one of the world's largest motorcycle manufacturers and an iconic brand widely known for its devoted following.
Tesla shares plunge after reports it is seeking refunds
Tesla shares have fallen by more than 5% following a report that it is seeking refunds from suppliers. Chief executive Elon Musk has said that Tesla will reach a profit in 2018's second half.