Electric vehicle startup Waev, Inc., has purchased the GEM and Taylor-Dunn electric vehicle (EV) businesses from Polaris Inc. in a management buyout. Terms of the deal were not disclosed. Waev was founded by five former Polaris leaders last year; the acquisition brings both brands under independent ownership.
Waev’s headquarters are in Anaheim, Calif., where both the GEM and Taylor-Dunn vehicles are designed and built.
GEM specializes in low-speed vehicles (LSVs) for personal and commercial use, and Taylor-Dunn makes EVs for industrial, commercial, and ground-support applications.
“Waev’s ownership of GEM and Taylor-Dunn represents an exciting new era in the legacy of these brands. We are bringing new life to these businesses enabling growth well into the future,” Keith Simon, president and chief executive officer of Waev, said in a statement Monday. “Greater demand for electric vehicles along with advancements in EV technology open up opportunities for GEM and Taylor-Dunn in new applications and markets that we will invest in and pursue long term.”