Minneapolis, Minnesota – Polaris has agreed to buy Global Electric Motorcars, or GEM, Chrysler’s all-electric low-speed vehicle subsidiary.

Based in Fargo, North Dakota, GEM is considered a leader in the market, with approximately US$30 million in sales in 2010 and with more than 45,000 vehicles sold worldwide since the company was established in 1998, many of them to fleets and government agencies.

“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, CEO of Polaris. “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 will officially close within the next 60 days once Polaris secures the required state sales certifications to sell the vehicles. GEM operations will proceed as usual during the interim period.

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