Need advice. 03 Dyna Superglide.

Battery went dead. Replaced with new one. Still not charging only about 12v at battery at most. Did all the stator checks, continuity and ground. It puts out 38v AC at plug at 2000rpm. Stator seems good. Replaced Regulator twice but still have the same problem. Checked all wiring and all good, regulator relay/switch/circuit breaker also replaced but It is still not charging. Do you guys have any suggestions before I replace the stator? Thanks.

 

There are two Stickies at the head of this section about checking your charging system. Read and use them to find what is wrong.