This has not been the best year so far for KTM , Husqvarna , GasGas and MV Agusta parent company PIERER Mobility , and it just got a whole lot worse . Its problems with dealer and factory inventory stockpiling started some 18 months ago as the company continued to pursue an aggressive dealer network and showroom inventory expansion policy . A policy that peaked with the effective full acquisition of MV Agusta , and that was predicated on the assumption that the kind of growth it had seen in the previous five years would be likely to continue . The latest black smoke to emerge from the money-making machine , that its Mattighofen , Austria manufacturing campus had become , came in October in the form of another ' ad hoc ' financial advisory from the Vienna Stock Exchange listed , Swiss Stock Exchange traded parent company . Usually the bearers of glad tidings , recently PIERER ' ad hoc ' advisories have become harbingers of doom , and this latest one was startlingly bad .

Not only has growth stalled , but PIERER Mobility AG had to accept that the " difficult macroeconomic

In what can only be interpreted as an emergency measure , PIERER Mobility AG has reduced the Executive Board of the listed holding company to two members from six : Stefan Pierer ( CEO ) and Gottfried Neumeister ( seen here ) - the motorcycle industry outsider management executive who was hired as Pierer ' s Co-CEO at the beginning of September 2024 .

conditions " affecting sales of its motorcycles and value of its brand investments " lasting longer than expected ", but the company has

been forced into the rare step of suspending its guidance for the Full Year 2024 . This is a step normally associated with an enterprise that is firmly caught in the headlights as a freight train plows into its balance sheet . " The European economy is stagnating , with the important German market in particular in recession . In the USA , consumer purchasing power remains low due to the high cost of living and the long period of expensive consumer credit ". PIERER Mobility quite candidly ( and quite accurately ) states that in the motorcycle segment , the " U . S . market as a whole is declining " and that " Europe is losing momentum ". The company goes on to say that " the second half of the year at PIERER Mobility is generally characterised by a high-margin product mix , especially in the off-road segment . However , the available registration data for the overall motorcycle market in the USA for the period from January to

Continues on page 12 >>>

70TH ANNIVERSARY

15TH ANNIVERSARY

BRADLEY REPORT