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Polaris Buying Global Electric Motorcars

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(credit: CBS)

(credit: CBS)

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FARGO, N.D. (AP) – A Minnesota-based maker of leisure vehicles is buying Fargo-based Global Electric Motorcars.

GEM is a subsidiary of Chrysler Group LLC that makes electric-powered vehicles. The company is being sold to Polaris Industries Inc. Financial terms were not disclosed.

GEM has put more than 45,000 electric vehicles on the road since it was established in 1998. It had about $30 million in sales last year.

The sale to Polaris is to close in the next 60 days. Polaris, based in Medina, Minn., makes snowmobiles, all-terrain vehicles and motorcycles.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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