Polaris' first electric full-size ATV should be on dealership floors in early 2022.
Polaris' first full-size electric ATV should be available by early 2022
Design of its top-selling off-road vehicle is set for Minn., production in Ala.
March 1, 2021 at 11:00AM
As part of its partnership with Zero Motorcycles, the Medina-based company announced that the first electric vehicle will be a full-size 2022 Ranger side-by-side.
Last fall, Polaris said the partnership with Santa Cruz, Calif.-based Zero would boost it into the leadership position within the power-sports industry for electric-vehicle development.
Under Polaris' "Rev'd Up strategy," the company said it would develop electric-vehicle options throughout its core-product segments, which would include off-road vehicles and snowmobiles.
"Our Rev'd Up strategy positions Polaris to help define yet another chapter in powersports innovation," said Mike Speetzen, Polaris' interim CEO, in a news release. "With the rising interest in electrified vehicles, we are investing in electrification in order to meet the needs of current customers as well as appeal to tomorrow's powersports riders."
The design and development of the electric Ranger is being done in Polaris' Wyoming, Minn., facility with production slated for its Huntsville, Ala., plant.
The Ranger is Polaris' top selling off-road vehicle brand.
Companies across a variety of industry are adding more electric vehicles as consumers look for both the zero-emission benefits and the vehicles' increasing performance and range.
"The new electric powertrain will elevate the Ranger platform to a whole new level of capability, durability and performance," said Steve Menneto, president of the Polaris Off Road division.
Shares of Polaris rose 5.6% on Monday, closing the day at $124.35.
Polaris is the North American leader in the off-road vehicle (ORV) segment, with more than 85 different models including Ranger, RZR, General and Sportsman ATV brands.
Its ORV segment accounted for $4.2 billion worth of Polaris total revenue of $7 billion in 2020. Motorcycle sales were $582 million, and snowmobile sales were $345 million in 2020.
ORV sales increased 8% in 2020 as consumers flocked to comparatively safe outdoor recreation activities. Meanwhile Polaris motorcycle sales were relatively unchanged from 2019 while snowmobile sales dropped 10%.
Polaris produces some electric vehicles largely in its Global Adjacent Markets segment, which accounted for $424 million sales, or 6% of total revenue in 2020.
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