LiveWire Group, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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Securities Exchange Act of 1934

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LIVEWIRE GROUP, INC.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement if Other Than the Registrant)

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Letter from our Chairman

Dear Stockholders,

2024 was another year of development for LiveWire with further progress made towards the Company’s goal of pioneering the electrification of motorcycling around the world.

The past year has seen milestones for the Company, including two new electric motorcycle models on our S2 platform, as well as increased operations and further brand awareness in new markets across Europe.

On behalf of the Board of Directors, thank you for your continued investment in LiveWire. We are confident in the ability of the LiveWire team to adapt to the evolving environment and to lead in EV technology.

Jochen Zeitz

Chairman of the Board

LiveWire Group, Inc.

Letter from our Chief Executive Officer

Dear Stockholders,

In 2024, LiveWire continued to build its leadership position in the electric motorcycle space by expanding brand awareness and delivering world-class products. The team implemented a strategic plan to drive simplicity throughout the Company and heighten focus on profitability and growth, setting up the Company for long-term success. Our relentless pursuit to elevate riding allows us to continue to create the best experience for our customers.

Business Highlights

Our long-term investment in our S2 platform continued to deliver as we launched two new models in 2024, Mulholland and Alpinista. Mulholland, our electric performance cruiser, and Alpinista, our sport standard, join Del Mar on LiveWire’s S2 platform. All models are available in North America and Europe which significantly expands our product offerings in both markets. In November at the International Motorcycle and Accessories Exhibition (EICMA), we announced our plan to launch our first-ever electric maxi-scooter, with the intent of broadening our addressable market, targeting new customers, strengthening our relationship with KYMCO and showcasing our desire to expand our product offerings to meet market demand.

Throughout 2024, our team drove brand awareness through several high-profile events including appearing at Berlin Fashion Week, collaborating with Anti-Social Social Club on a motorcycle for its 10-year anniversary and Del Mar being awarded the best 2024 electric bike by Motor Cycle News (MCN). We also remained focused on growth by increasing our operations in Europe to include Spain and Italy, widening our European operations to seven countries.

While the EV motorcycle market and powersports industry continue to face a challenging environment, we continue to remain hyper-focused on simplifying our operations while positioning ourselves for success in the long-term with our team working diligently to manage expenses and drive reductions in EV motorcycle product costs with an expectation to reduce our cash burn by over 40% in 2025, compared to 2024.

Thank You

We remain steadfast in our belief that our relentless commitment to developing future technologies and investing in EV capabilities will elevate the motorcycling experience for all riders. On behalf of the LiveWire team, thank you for your shared confidence and support as we continue to build the most desirable electric motorcycle brand in the world.

Karim Donnez

Chief Executive Officer

LiveWire Group, Inc.

Notice of Annual Meeting of

Stockholders to be held on May 14, 2025

Dear Stockholder:

You are cordially invited to attend the 2025 Annual Meeting of Stockholders (the “Annual Meeting”) of LiveWire Group, Inc., a Delaware corporation (“we,” “us,” “LiveWire,” or the “Company”). The Annual Meeting will be held in a virtual meeting format on Wednesday, May 14, 2025, at 4:30 p.m. (Central Time) for the following purposes:

In addition, we will conduct any other business properly brought before the Annual Meeting.

These items of business are more fully described in the proxy statement accompanying this Notice of Annual Meeting of Stockholders.

The record date for the Annual Meeting is March 24, 2025 (the “Record Date”). Only stockholders of record at the close of business on the Record Date may vote at the Annual Meeting or any adjournment thereof.

The Annual Meeting will be held in a virtual meeting format only, via the internet. Stockholders will be able to attend, vote, and submit questions via the internet. If you plan to participate in the Annual Meeting, please see the Questions and Answers section below for further information.

By Order of the Board of Directors

Allen Gerrard

General Counsel & Board Secretary

Milwaukee, Wisconsin

YOUR VOTE IS IMPORTANT! ALL STOCKHOLDERS ARE CORDIALLY INVITED TO VIRTUALLY ATTEND THE ANNUAL MEETING.

Whether or not you expect to attend the Annual Meeting, please complete, date, sign, and return the proxy card, or vote over the internet or telephone as instructed in these materials, as promptly as possible in order to ensure your representation at the Annual Meeting. Even if you have voted by proxy, you may still attend the Annual Meeting. Voting your shares promptly will ensure the presence of a quorum at the Annual Meeting and will save us the expense of further solicitation.

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