Executives at Polaris’ subsidiary in India, Polaris India, expect strong revenue growth over the next three to five years. By 2020 they are targeting a 100% to 200% sales increase at the subsidiary which sells ATVs, UTVs and motorcycles. The long term strategy is to build up enough volume to justify investment in local assembly plants. This would be the plan for motorcycles and off-road vehicles. Currently Polaris India imports all the Polaris vehicles they sell including the complete line of Indian motorcycles.
The management reports good sales of the Ranger EV in certain parts of the country and is exploring adding the GEM line of vehicles to their offering. Off-road vehicle sales are helped by the 39 Polaris Experience Zones, which are off-road vehicle tracks. They have also made sales to the Indian army and police. Polaris India distributes products through 16 dealerships in India and two more in Nepal and Kazakhstan. Export sales are made to Nepal, Bangladesh, Bhutan, Sri Lanka, Kazakhstan and Pakistan. Unrelated to Polaris Inida is the Polaris joint venture with Eicher. Learn more: Timesofindia.com
Comment: Of course, having sales targets and meeting them are two different things, but Polaris has consistently hit most of their long term strategic goals across many products. A lot will depend on how well the Indian economy grows but even slower growth in such a large market offers great potential.