The powersports specialists at Polaris are expanding their electric capabilities yet again, this time by buying the French commercial EV specialists Groupil. Groupil is one of the companies behind the tiny electric delivery trucks that see service in cities across Europe – like the urban delivery train developed by the Hoek company that debuted earlier this year.
For those of you keeping score at home, that means the Polaris now has an equity stake in NEV-builders GEM, electric motorcycle company Brammo, Austrian car/motorcycle builder KTM, Groupil, and (of course) Victory Motorcycles. Polaris CEO, Scott Wine, seems pretty excited about the acquisition. “As Polaris continues to deliver outstanding performance and gain market share in our core business, we are excited to acquire Goupil and add to our growing small electric vehicle lineup. We are eager to pursue the natural synergies between their commercial light duty work products and the more people-mover oriented offerings from our GEM business.”
You can tell CEOs are excited when they talk about “synergy”.
For the moment, Polaris plans to keep Groupil’s staff and factory in operation “as-is”, which is probably a smart move, considering the light truck maker brought in $25 million in revenue last year alone, with Wine hoping some of that small-EV know-how “trickles down” to the GEM division. “We see tremendous, long term growth in the global small electric vehicle market, and Goupil, with its established product line, history of profitable growth, and segment-leading European presence, will be an integral part of our strategy to realize that potential.”
Source: Groupil, via TechVehi.