Polaris on a shopping spree, buys Global Electric Motorcars
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Minnesota-based Polaris has made its second acquisition in a week. On Monday, the company announced an agreement to buy Fargo-based Global Electric Motorcars -- known as GEM.
Polaris is known for snowmobiles, ATVs and motorcycles. But it also makes several types of low-speed NEVs, or neighborhood electric vehicles very similar to golf carts.
That part of its business will expand greatly with the purchase of GEM from Chrysler.
Polaris spokeswoman Marlys Knutson says low-speed electric vehicles are popular in planned communities -- especially in the South.
"There's about a $1.6 billion space for these kinds of vehicles out there. So it's a growing business, and one we think we can get into," said Knutson.
"There's about 45,000 GEM vehicles that are on the road worldwide, so they're considered the market leader in that segment. And they give us an established position in that low-emissions small vehicle market."
Last week, Polaris announced the purchase of Indian Motorcycle.
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