Polaris, the all-terrain vehicle maker that acquired neighborhood electric vehicle maker Global Electric Motorcars (GEM) from Chrysler last year, may start selling electric vehicles in India as a way to benefit from the growing vehicle market in that country, automotive news website CarTradeIndia reported.

Polaris hasn't decided whether the EVs earmarked for India will be on-road or off-road vehicles, the website said, citing Polaris India Managing Director Pankaj Dubey. The company is looking to boost revenue from India to about 5 billion rupees (about $94 million U.S. at current exchange rates) by 2016.

By selling EVs in India, Polaris would be looking to benefit from demand in an Asia-Pacific region that's most likely to be the fastest growing when it comes to plug-in vehicle sales over the next few years. Globally, cumulative plug-in vehicle sales, including battery-electric and plug-in hybrid-electric vehicles, will surge to 5.2 million in 2017 from 114,000 in 2011, according to green-technology research firm Pike Research. The Asia-Pacific region will account for about 617,000 electric-drive vehicles sold in 2017, almost double North America's total, Pike Research Senior Analyst Dave Hurst told AutoblogGreen.

Polaris last year acquired GEM from Chrysler for a purchase price that wasn't disclosed. GEM, which was founded in 1998 and had about $30 million in revenue in 2010, sells six lines of neighborhood-electric vehicles. Those vehicles are legal on roads with posted speeds of 35 miles per hour or less, and are typically used by local, state and national government agencies and on closed campuses like resorts and universities.

Polaris in November also acquired closely held France-based Goupil Industrie SA, which makes commercial electric vehicles. Goupil, whose purchase price wasn't disclosed, generated $25 million in revenue in 2010. Through the first three quarters of last year, Polaris boosted revenue by 37 percent from a year earlier to $1.87 billion, largely on the jump in on-road vehicle sales from the company's acquisitions of GEM and Indian Motorcycle Co.



I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.


    • 1 Second Ago
  • 5 Comments
      Marco Polo
      • 3 Years Ago
      @PR, You are quite correct, the strategic investment by Polaris in Brammo, will assist both organisations. Polaris is showing how to enter the EV industry as a relatively small player in the correct way. By concentrating on markets and products which don't require massive investment capital, and unknown consumer acceptance, Polaris have been able to expand profitably, while gaining valuable experience in EV technology and build a stable, competent corporate and financial structure, free of the damaging ego-driven tsunami's of so many start-ups in the EV industry. I expect big things of Polaris in the future. In this current climate, this sort of result is very good indeed for a manufacturer. ______________________________________________________ P/E Ratio 17.76 Indicated Annual Dividend 0.90 Beta Coefficient 1.77 Earnings per Share 3.08 Yield (%) 1.62 Market Cap (billion) 3.83 B Shares Outstanding 69,032,800 *Net cash provided by operating activities increased 26 percent to $198.1 million for the year-to-date period ended September 30, 2011 compared to $156.9 million for the same period in 2010. The increase was driven by higher net income; partially offset by an increased investment in working capital, in particular factory inventory levels supporting business growth. Total long-term debt at September 30, 2011 was $100.0 million compared to $200.0 million a year ago. The Company’s debt-to-total capital ratio was 17 percent at September 30, 2011, compared to 40 percent for the same period in 2010. Cash and cash equivalents were $335.7 million at September 30, 2011 compared to $264.5 million for the same period in 2010. 2-for-1 stock split completed during the quarter __________________________________________________________________________________ ('Would-be' EV manufacturers should take lessons from Polaris Inc. )
        EZEE
        • 3 Years Ago
        @Marco Polo
        Yay, got to use the stuff I learned getting an MBA to read that! :D PR (with additional info from moi) noted that sales of all cars should rebound, due to aging fleets across the country. India, is another matter. I actually watched that video Ford put together for the Eco sport thing, and looking at the vehicles Idians are currently driving, one can see that India would be a great market for Polaris, many of the vehicles were glorified carts, 3 wheel or otherwise. Get some real production going in India and who knows...maybe they can work up to build something everyone will want. They are already (dare I say it) light weight, and cheap... (not aero though).
          Marco Polo
          • 3 Years Ago
          @EZEE
          @Ezee He,He, you don't need and MBA to understand the wisdom of the directors of Polaris strategy. This is a lesson electronics, and others, should be learning about how the management of a corporation should be conducted. Wild conspiracy theories and similar nonsense is shown for what it is, in the quiet achievements of thousands of corporations like Polaris Industries. The Indian market is very difficult and almost completely dominated by two manufacturers. Roads are dreadful and traffic chaotic. For a bureaucratic-mad country, the design and safety rules appear non-existent.
      PR
      • 3 Years Ago
      There are rumors now that Polaris is going to cross-develop the Polaris Ranger EV to use a drive-train from Brammo. If that is the case, they may be planning on using the 6-speed IET transmission that Brammo has exclusive license for use world-wide. A 6-speed transmission would give a Polaris Ranger EV massive hill-climbing and rock-crawling abilities that a single-speed EV just could not accomplish without huge battery packs. This could be a major win for both Polaris and Brammo. Polaris benefits by having the IET 6-speed, and Brammo wins because they will have more IET units that they also plan to sell in their Empulse and Engage motorcycles. More IET units can mean lower costs through higher volume, which will help them be more competitive in their core business of EV motorcycles.
      Marco Polo
      • 3 Years Ago
      Polaris Industries, is a very fast growing, exciting US corporation, with expanding investments in EV technology, including GEM, Brammo, KTM, Victory and Indian Motorcycles, and now Goupil. CEO Scott W. Wine's astute knowledge of mergers and acquisitions, and Polaris Industries experienced management team, this diversified corporation will be a US player to watch in the specialised EV market. The companies board of directors (including Annette K. Clayton) reads like a who's, who, of competency and good corporate governance. Goupil is a very interesting, high quality, French EV manufacturer, with an excellent range of vehicles. and Scott Wine did extraordinarily well to acquire control of Goupil for Polaris. Given Polaris's abilities, and the potential for it's Indian subsidiary, Polaris will be the company to watch in the future.