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Polaris Buying Global Electric Motorcars from Chrysler
In brief: Polaris Industries will acquire Global Electric Motorcars from Chrysler, allowing the small vehicle manufacturer to further its electric agenda while Chrysler focuses on full-scale automotive.
The deal is expected to go through in June for an undisclosed amount. Global Electric Motorcars (GEM) showed about $30 million in sales for 2010 and has sold more than 45,000 electric low-speed vehicles on the road since its inception in 1998. GEM is located in Fargo, North Dakota. They have six basic models and specialize in both sales and customization.
Polaris released plans for their first electric side-by-side last year and the Electric Ranger hit the market soon after.
And so ...
Polaris is in a better position to take advantage of what ownership of GEM could offer, so the deal is not surprising as Chrysler had done nothing with the company.
Photo credits: GEM
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