• Apr 26, 2011
Polaris Industries will acquire low-speed electric vehicle manufacturer Global Electric Motorcars (GEM), a wholly-owned subsidiary of Chrysler for an undisclosed amount. All Chrysler would tell us is that, "It's a confidential number."

Currently, GEM manufactures six street-legal models; well, they're legal on roads with posted speeds of 35 miles per hour or less. To date, GEM says its vehicles have tallied more than 450 million emission-free miles.

GEM is widely recognized as a leader in the neighborhood electric vehicle market, with approximately $30 million in total sales in 2010. Since being established in 1998, GEM has placed more than 45,000 battery-powered vehicles on streets worldwide. GEM vehicle are typically used by local, state and national government agencies and on closed campuses like resorts and universities. Scott Wine, Polaris' chief executive officer, said of the acquisition:
GEM provides Polaris with an established position in the low-emission small vehicle market and supports Polaris' strategy of penetrating on-road market segments poised for growth. We are excited about the outlook for growth within this market space, and are looking forward to developing even stronger growth prospects for the GEM business.
The agreement to acquire GEM should be finalized within the next 60 days. During this interim period, operations at GEM will proceed as usual. With annual 2010 sales of $2 billion, Polaris designs, engineers, manufactures and markets off-road vehicles (ORVs), including all-terrain vehicles (ATVs), snowmobiles and Victory motorcycles.

[Source: Polaris]
Show full PR text
Polaris to Acquire Global Electric Motorcars LLC (GEM)

Provides future growth opportunities within the low-emission small vehicle market


MINNEAPOLIS--(BUSINESS WIRE)--Polaris Industries Inc. (NYSE: PII) today announced an agreement to acquire Global Electric Motorcars LLC (GEM), a wholly owned Fargo, N.D. based subsidiary of Chrysler Group LLC and manufacturer of premium electric-powered vehicles. GEM is the recognized leader within the low-speed vehicle market, with a well-respected brand and approximately $30 million in sales during the 2010 calendar year. Since the company was established in 1998, they have placed more than 45,000 electric-powered vehicles on the road worldwide. GEM has developed business-to-business sales expertise within the fleet and government vehicle markets, and has created a competitive advantage with core competencies in make-to-order vehicle fulfillment and mobile service support.

"These new product efforts for GEM will be supported by an expanded distribution presence within select domestic and international markets."

"GEM provides Polaris with an established position in the low-emission small vehicle market and supports Polaris' strategy of penetrating on-road market segments poised for growth," said Scott Wine, Polaris chief executive officer. "We are excited about the outlook for growth within this market space, and are looking forward to developing even stronger growth prospects for the GEM business."

"Our vision is to accelerate profitable sales growth for GEM, by combining Polaris' strength in new product innovation with the most-recognized brand in the low speed vehicle market space," said Mike Jonikas, vice president of the On-Road Vehicle Division. "These new product efforts for GEM will be supported by an expanded distribution presence within select domestic and international markets."

The agreement to acquire GEM will officially close within the next 60 days once Polaris secures the required state sales certifications to sell GEM products. During this interim period, since Polaris will not yet have officially acquired GEM, operations will proceed as usual and Polaris will continue to learn and understand the GEM business through information exchange. Following this interim period, Polaris will be in a position to outline specific plans for the GEM business.

More images and information on GEM vehicles available at: http://www.gemcar.com/media/default.asp?ID=308

About Polaris
With annual 2010 sales of $1.991 billion, Polaris designs, engineers, manufactures and markets off-road vehicles (ORVs), including all-terrain vehicles (ATVs) and the Polaris RANGER® Side X Side vehicles, snowmobiles and Victory motorcycles for recreational and utility use and has recently introduced a new on-road electric powered neighborhood vehicle.

Polaris is a recognized leader in the snowmobile industry; and one of the largest manufacturers of ORVs in the world. Victory motorcycles, established in 1998 and representing the first all-new American-made motorcycle from a major company in nearly 60 years, are making in-roads into the cruiser and touring motorcycle marketplace. Polaris also enhances the riding experience with a complete line of Pure Polaris apparel, accessories and parts, available at Polaris dealerships.

Polaris Industries Inc. trades on the New York Stock Exchange under the symbol "PII", and the Company is included in the S&P MidCap 400 stock price index.

Information about the complete line of Polaris products, apparel and vehicle accessories are available from authorized Polaris dealers or anytime from the Polaris homepage at www.polarisindustries.com.

About Global Electric Motorcars LLC (GEM)
As a wholly owned subsidiary of Chrysler Group LLC, Chrysler Group Global Electric Motorcars LLC (GEM) is the market leader in the low-speed, Neighborhood Electric Vehicle (NEV) industry and has more than 45,000 GEM battery-electric vehicles on the road worldwide. GEM cars are used by local, state and national government agencies, resorts, master-planned communities, universities, medical and corporate campuses, as well as by sports teams, taxi-shuttle services and individual consumers.

The six GEM passenger and utility models are legal on most streets with posted speeds of 35 mph or less and have many of the same features of regular cars, but are much more economical in price and fuel consumption. GEM cars are eligible for incentives and tax credits from clean-air districts and other governmental agencies.

To date, GEM cars have driven more than 450 million emission-free miles and have saved more than 20 million gallons of gasoline. They also have prevented more than 190 tons of pollutants from reaching the air.


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    • 1 Second Ago
  • 6 Comments
      HVH20
      • 20 Hours Ago
      Glad to see Polaris is taking EV Technology serious now. Between their Polaris Ranger EV and GEM, it looks like they are moving in the right direction.
        Guillaume Séguin
        • 20 Hours Ago
        @HVH20
        On the other side, Chrysler (Fiat?) are somehow showing us they are not considering GEM's technology...
      Nick
      • 20 Hours Ago
      Yeah it looks like Chrysler dropped the ball entirely.
      2 Wheeled Menace
      • 20 Hours Ago
      Yeah, it's funny how Chrysler had presented a bunch of electric/hybrid concepts right around the timeframe that they were getting bailed out. Today? they're adding a 6.4L Hemi to the 300 and Jeep Grand Cherokee, and dumping GEM. ( not that GEM had a lot going for it anyway )
      Ziv
      • 20 Hours Ago
      I just saw another one of these in Northern Virginia yesterday, and although the GEM wiki says that they are limited to 25 mph, not the 35 mph top speed allowed for NEV's, they really move out. I think the owners are removing the governors or doing something to get more top speed out of them. I have seen 3 of them in the past couple months and they were holding their own in 35 mph traffic, no problem. I would guess that they are capable of 37-38 mph. Nice little 'car' built in North Dakota. Nice story there. Too bad some aspects are probably about to change. http://en.wikipedia.org/wiki/Global_Electric_Motorcars
      mehulkamdar
      • 20 Hours Ago
      The more I see of what Polaris are doing, the more I am impressed. They sell a lot of off road vehicles anyway, so these would be a nice addition to that line for use on farms, ranches etc. I could also see these selling on community college and university campuses. Chrysler did sell some of the Gem vehicles to the Department of Defense. With a little focused marketing, Polaris could definitely sell these well. Here's wishing them the very best!