Polaris Industries has announced plans to acquire a subsidiary of Chrysler called Global Electric Motorcars GEM), a small electric vehicle manufacturer based in Fargo, North Dakota.
We recently covered GEM’s 2011 model line, touted by Chrysler at this year’s Detroit Auto Show, but apparently the major automaker decided selling the low-speed (35 miles per hour) vehicle company was in its best interest. Polaris is best known for its off-road vehicles, which we covered back in 2009.
Polaris says its 2010 sales neared the $2 billion mark, mostly from sales of its snowmobile and Victory motorcycle products. GEM was established in 1998, and since claims to have placed more than 45,000 electric vehicles worldwide, some of which are used by local Hot Lips Pizza deliver drivers in Portland, Oregon where EarthTechling is headquartered.
According to the company, GEM’s 2010 sales were around $30 million, a figure Polaris hopes to extend with more distribution both internationally and domestically. The deal is set to officially close in 60 days, at which point Polaris says it will be able outline more specifics about the new acquisition.