Good afternoon and welcome to the 2025 Annual Meeting of Shareholders of Harley-Davidson. I'm Paul Krause, Chief Legal Officer of the company. I'll be acting as Secretary of today's meeting. Joining me today is Jochen Zeitz, Chairman, President, and CEO of the company. Jochen will be the Chairperson of this Annual Meeting.
Thank you, Paul. I now call the meeting to order. At this time, I would like to introduce certain directors and officers of the company who are attending this meeting. Let me first introduce the nominees who are standing for election to the company's Board of Directors, in addition to myself: Presiding Director Tom Lindeberger, and the remaining director nominees Troy Olsted, Jim Farley, Laurie Fleece, Ellen Goulston, Sarah Levinson, Rafi Masoud, and Mary Rose Sylvester. We also have a number of company officers and a member of management here with us, in addition to Paul Krause, our Chief Legal Officer and Secretary of the meeting, Jonathan Root, our Chief Financial Officer and President of Commercial, George Prussers, our Chief Communications Officer, and Shawn Collins, our Director of Investor Relations. We will now conduct the business portion of our meeting.
The business portion of the meeting will include a discussion of the rules of conduct to govern our meeting, a few housekeeping items and confirmation that we have a quorum of the meeting, a discussion of the matters to be voted upon, and the formal voting process. Once the voting process is concluded, the official portion of the meeting will be adjourned, and we will have a question-and-answer session where you can ask questions of the Board and management. I will now turn the meeting over to Paul to talk us through the business portion.
Thank you, Jochen. The rules of conduct for the meeting have been posted to the virtual meeting website. We ask that you kindly abide by these rules so that we may have an orderly meeting. Today's meeting is being held pursuant to a notice sent to Harley-Davidson shareholders on or about April 3rd, 2025, which also served as a notice of the availability of proxy materials. A copy of the affidavit of mailing and the tabulation of shareholders present on a virtual basis or by proxy will be available for inspection after the meeting. All proxies received by the company prior to the deadline for this meeting have been delivered to the Inspector of Election. The company has appointed Michael Barbera of First Coast Results, Inc. as Inspector of Election for the meeting and any adjournment or postponement of this meeting. He has signed an oath of office to act.
This oath will be filed with the minutes of this meeting. We've been advised by the company's proxy solicitor, Annesfree M&A Incorporated, that a quorum is present at this time, subject to a final confirmation by the Inspector of Election. The report of the Inspector of Election regarding the presence of a quorum at the meeting will be filed with the minutes of today's meeting. We will now carry out the official business of the meeting. The Inspector of Election has a complete list of the holders of record of the outstanding shares of the company's common stock at the close of business on March 6th, 2025, the record date for this meeting. That list will be filed with the records of the company and is available for inspection by any shareholder during this meeting.
You should now be able to view a copy of the agenda on the web portal. I will now cover the matters to be considered by shareholders at this meeting. There are four matters to be considered by shareholders, all of which are listed in our proxy statement. The company has received no timely request to place additional items of business on the agenda. The time is 3:03 P.M. on May 14th, 2025, and the floors are now open for voting on all matters. Any shareholder who has not yet voted or who wishes to change their vote may do so now by clicking on the Vote Here button on the web portal and following the instructions provided. Beneficial shareholders who hold their shares through a bank or broker will need to submit a legal proxy if they wish to vote during this meeting.
Please note that you must submit any vote by ballot before the polls close at today's meeting for your vote to be included in the count. Shareholders who have sent in proxies or voted via the telephone or internet and do not wish to change their vote do not need to take any further action. The first item of business is the election of directors to the company's Board of Directors. The nominees Jochen introduced at the beginning of this meeting are listed, and details about their backgrounds and qualifications can be found in our proxy statement. Directors elected today will hold office until their 2026 Annual Meeting of Shareholders, and their successors are elected and qualified. In accordance with the advance notice provisions in the articles and bylaws of the company, shareholders are required to provide advance notice of their intent to nominate other candidates for directors.
No such notice was received. The second item is a proposal to approve on an unbinding advisory basis the compensation of the company's named executive officers. The third item is a proposal to ratify the selection of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2025. A representative of Ernst & Young is in attendance. The fourth item is a proposal to approve the Harley-Davidson 2025 Directors' Stock Plan. Because no further business is on the agenda to come before this meeting, we will move on to voting. Any shareholder who has not yet voted or who wishes to change their vote should do so now by clicking on the Vote Here button on the web portal and following the instructions provided.
Beneficial shareholders who hold their shares through a bank or broker will need to submit a legal proxy if they wish to vote during this meeting. Please note that you must submit any vote by ballot before the polls close at today's meeting for your vote to be included in the count. As I noted previously, shareholders who have sent in proxies or voted via the telephone or internet and do not wish to change their vote do not need to take any further action. We will pause briefly to allow shareholders to submit their votes. We will now answer shareholder questions relating to the agenda items. You can submit a question by typing a question in the Ask a Question field on your screen and clicking Submit. Shawn Collins, Harley-Davidson's Director of Investor Relations, will be helping to share your questions. Shawn, do you have any questions?
We believe the questions that we've received have been answered fully and correctly in the proxy filing. With that, we'll move on to the next section.
I declare the polls now closed at 3:06 P.M. today, May 14th, 2025, and ask that the Inspector of Election tabulate the ballots. Based on the unofficial tabulations of the company's proxy solicitor, Annesfree M&A Incorporated, regarding Proposal One, I've been informed on a preliminary basis that the votes cast were sufficient to elect all the director nominees to serve until the 2026 Annual Meeting of Shareholders. Regarding Proposal Two, on a preliminary basis, the votes cast were sufficient to approve on an advisory basis the company's executive compensation as disclosed in the proxy statement. Regarding Proposal Three, on a preliminary basis, the votes cast were sufficient to ratify the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending December 31st, 2025.
Regarding Proposal Four, on a preliminary basis, the votes cast were sufficient to approve the Harley-Davidson 2025 Directors' Stock Plan. I hereby request that the final report of the Inspector of Election be filed with the minutes of this meeting. As there is no further business, the business portion of the meeting is now officially adjourned. Now we will have a brief business update from Jochen. Before I turn the meeting over to Jochen, I would like to remind you that some of the comments made during this Annual Meeting and some of the responses to your questions may contain forward-looking statements. These statements are subject to risks and uncertainties described in the company's earnings releases and filings with the SEC, as a result of which actual results may vary.
Additionally, in response to your questions, we may reference certain non-GAAP financial measures that we believe provide useful information for our investors. Reconciliations of non-GAAP financial measures, where appropriate, to the corresponding GAAP measures can be found in the company's earnings releases and other SEC filings.
Thank you, Paul. In the fifth year of the Hardwire, the company's five-year strategic plan, I'm proud of the work the team has done to build exciting new product and focus on generating more cost productivities and our dedication to lead our company through a challenging operating environment. While we did not achieve the goals that we originally set for ourselves for 2024, we believe the decisions we've made and the actions we've taken as part of our strategy are strengthening our foundation for the future. Looking back at 2024, we focused on our core products and markets while also investing in key priorities for the future. '24 can be seen as a year of two halves. Retail sales of the touring segment were up 18% in the first half of the year, led by the redesigned touring platform in North America.
Despite a decline of 4% for the overall retail sales in North America for the full year, retail sales of the touring segment finished the year up more than 8%. Despite industry headwinds, the launch of our new model year 2024 Street Glide and Road Glide touring motorcycles contributed to near 5% growth in the U.S. touring segment and drove Harley-Davidson's shares to almost 75%, an increase of 3.5% since 2023. Through 2024, we also continue to invest in our other core motorcycle segments, and we are planning for more impactful new products to hit the market every year from here on, including the recently launched new Cruiser lineup and a new Trike expected to launch in 2026. In addition, we are focused on opportunities in segments that we believe have a path to in-market success and profitability while capitalizing on our brand strength, product capabilities, and selective partnerships.
We've therefore continued to invest and have global ambitions for our entry-level motorcycle offering and the small Cruiser segment starting next year. We also believe adventure touring has future growth potential for us, and we're committed to continuing to innovate with the platform, the proof point being the recently launched Pan-America ST that is currently featured in Marvel Studios' Thunderbolts film, which is in theaters now. Electric motorcycles and the associated technological innovations are part of the future. That said, as already highlighted in February and on the Q1 earnings call, the headwinds facing the broader power sports and discretionary leisure industry are even more complicated in the EV segment of the market. All signs are pointed to a much later EV adoption than originally anticipated.
Given the lack of incentives and the notably less favorable regulatory environment, combined with the slower expansion of charging infrastructure, Harley-Davidson is evaluating all options for its investment in LiveWire, while LiveWire will continue evaluating all options for its business, including seeking external capital if and when needed. In 2024, LiveWire's global retail performance grew by 46% year over year, and LiveWire maintained its leadership position in the market with a 65% market share in the US 50-plus horsepower on-road EV segment. We are committed to creating products beyond bikes, such as in apparel and licensing, that inspire our customers to discover adventure and live the Harley-Davidson lifestyle. Leveraging the power of the Harley-Davidson brand, in 2024, we were proud to partner with Champion for the second time in the company's history and expand our custom-built apparel business.
Looking forward, we'll continue to look for brand collaborations that will connect with our customers and communities while at the same time expanding our significant licensing opportunities globally as a brand while continuing to grow our custom-built apparel business. As part of Hardwire, we are also pursuing value-enhancing opportunities for all stakeholders, including customers, dealers, lenders, debt holders, and shareholders. With that in mind, on the company's first quarter 2025 earnings call, we confirmed that we're evaluating an external investment into Harley-Davidson Financial Services. We are pleased to confirm that the HDFS transaction is continuing to progress with multiple interested parties. The company now expects to provide details of a transaction during its second quarter earnings presentation as it targets a transaction closed in the first quarter of 2025, subject to board approval. I will now turn it back over to Paul.
Thank you, Jochen. That concludes the business update portion of the agenda. We will now begin the question-and-answer session. For those of you participating via the web portal, you can submit a question by typing a question in the Ask a Question field on your screen and clicking Submit. Please note we will answer as many questions as time permits. In accordance with the rules of conduct of the meeting, we ask that you limit your question to matters relating to the items of business at this meeting or relating to the progress of the Hardwire. I will now turn it over to our Director of Investor Relations, Shawn Collins, to go through the submitted questions.
Thank you, Paul. We have one question that just came in online. That question is, what is the company doing to improve sales and interest in the products being offered today and into the future?
Thank you, Shawn. I can take that. As we look towards sales in 2025, we're obviously continuing to develop and innovate the product lineup and the overall product portfolio. We're also delivering a compelling combination of experiences to our customers, such as events like Harley-Davidson Homecoming. The celebration there takes place in July in Milwaukee. We are also looking at things like investing in dealer programs and offerings such as the previously announced Marketing Development Fund. This is really designed to grow marketplace awareness, experiences, and ensure that our dealers are investing into their rider communities. Just a few examples of some of the ways that we're focused on growing sales in 2025 and beyond.
Okay, thank you, Jonathan. We have a second question that has just come in. The question is, LiveWire was possibly premature. Why isn't it being shelved? The losses are possibly not justified by this strategy. Maybe Jochen, you could handle this one.
Sure. As we stated, Harley-Davidson is evaluating all options for its investment in LiveWire, while LiveWire will continue evaluating all options for its business as well, including seeking external capital if and when needed. Harley-Davidson does not plan to provide additional investments into LiveWire beyond the line of credit agreement entered into Q1 of 2024 of up to $100 million.
Great. Thank you, Jochen. Let me see here now. We have a third question here that has come in online. That question is, will the results of the share voting be shared publicly? Let me turn that over to our Chief Legal Officer, Paul Krause.
Yes. The results are required to be shared publicly once official, and we will be making the necessary SEC filings. You can look for the communication in those SEC filings likely coming next week.
Great. Thank you, Paul. At this point in time, we have no more questions.
Mr. Chairman, that concludes our question-and-answer session.
Thank you, Paul, and thank you to all of our shareholders for attending. The meeting is now concluded. You may now disconnect.