Polaris Launches its 2023 Geared For Good Report

Rhea-AI Summary

Polaris released its 2023 Geared For Good Report, highlighting its efforts to support employees, riders, communities, and the environment. Key initiatives include the introduction of new products focusing on safety and environmental impact, achieving 50001 Readiness designation for seven U.S. locations, and signing a virtual power purchase agreement to offset 40% of its U.S. electrical use. Additionally, Polaris developed an off-road EV charging network in Michigan and donated $225,000 to trail stewardship. The company also reported a record-low Total Recordable Incident Rate and contributed over $5.5 million to community organizations.

Positive

• Introduction of new environmentally focused products like Polaris XPEDITION and RANGER XD 1500.
• Seven U.S. locations achieved 50001 Readiness designation from the Department of Energy.
• Signed a virtual power purchase agreement to offset approximately 40% of U.S. electrical use.
• Developed a first-of-its-kind off-road EV charging network in Michigan.
• Donated nearly $225,000 to support trail stewardship and rider education.
• Reported a record-low Total Recordable Incident Rate of 0.46.
• Contributed over $5.5 million to community organizations and local causes.

Negative

• No specific financial data on revenue or profit margins provided.
• disclosure on the costs associated with new initiatives and projects.
• The positive impact of the virtual power purchase agreement is dependent on future energy production.

Polaris continues to act as a steward for its employees, riders, communities and the outdoors 

MINNEAPOLIS, May 16, 2024 /PRNewswire/ -- Polaris Inc. (NYSE: PII) today released its 2023 Geared For Good Report detailing Polaris' continued focus on operating in a responsible manner to support its employees, riders, communities where it operates and in the outdoors.

"As a part of Polaris' mission to deliver great experiences for everyone who works or plays outdoors, we believe in being good stewards and operating in a way that helps support positive outdoor experiences for years to come," said Mike Speetzen, Chief Executive Officer at Polaris. "From promoting safe and responsible riding, to reducing the environmental footprint of our operations to partnerships with The National Forest Foundation or supporting our local communities, our THINK OUTSIDE mindset extends beyond our products. We are proud of the progress made in our four Geared For Good efforts and our contributions to helping more people get outside."

Polaris' Geared For Good framework rests on four foundational pillars: THINK PRODUCT, THINK PRODUCTION, THINK PLACES and THINK PEOPLE.  Among the initiatives and progress shared in the report, key highlights include:

• THINK PRODUCT: As part of its commitment to designing products and technologies with a focus on customer satisfaction, safety and environmental impact, Polaris introduced new products including the Polaris XPEDITION, RANGER XD 1500, Lock & Ride Max, 509 Delta V Commander Helmet and more all designed to help enhance how riders work or play outdoors. Rider safety is a priority, with quality and safety at the core – from how products are design to sourcing materials, to manufacturing processes and shipment approach.
• THINK PRODUCTION: Through its ongoing efforts to reduce the environmental impact of its operations, seven of Polaris' U.S. based locations achieved 50001 Readiness designation from the U.S. Department of Energy. Additionally, Polaris signed its first virtual power purchase agreement with Enel North America. Through this agreement Polaris will purchase the electricity and associated renewable energy certificates generated by a 22-megawat portion of Ener's Fence Post and solar storage project in Navarro Country, Texas, offsetting approximately 40% of Polaris' U.S. electrical use.
• THINK PLACES: Polaris takes action to positively impact land and water through stewardship and responsible riding. In 2023, Polaris developed a first-of-its-kind off-road EV charging network in the Upper Peninsula of Michigan in partnership with a Mobility Public-Private Partnership and Programming grant from the State of Michigan. This network of four rural charging stations with 16 chargers across four charging stations, extends the range for electric off-road products, such as the new RANGER XP Kinetic that is available for local riders to experience through Polaris Adventures Outfitter Hamilton's North Coast Adventures. Polaris also donated nearly $225,000 to support trail stewardship and rider education efforts across the United States and Canada through its TRAILS GRANTS program.
• THINK PEOPLE: Polaris puts employees, customers, dealers and communities at the center of its business. In 2023, Polaris achieved our lowest Total Recordable Incident Rate (TRIR) on record in company history — 0.46. The company also provided more than $5.5 million to organizations and local communities, including investments in 4-H and the Progressive Agriculture Foundation Partnership to help advance safe riding practices among young riders.

To learn more about Polaris' commitment to its environmental goals and progress made in 2023, please visit the 2023 Geared For Good Report.

 About Polaris
As the global leader in powersports, Polaris Inc. (NYSE: PII) pioneers product breakthroughs and enriching experiences and services that have invited people to discover the joy of being outdoors since our founding in 1954. Polaris' high-quality product line-up includes the RANGER, RZR, Polaris XPEDITION, and GENERAL side-by-side off-road vehicles; Sportsman all-terrain off-road vehicles; military and commercial off-road vehicles; snowmobiles; Indian Motorcycle mid-size and heavyweight motorcycles; Slingshot moto-roadsters; Aixam quadricycles; Goupil electric vehicles; and pontoon and deck boats, including industry-leading Bennington pontoons. Polaris enhances the riding experience with a robust portfolio of parts, garments, and accessories. Headquartered in Minnesota, Polaris serves nearly 100 countries across the globe. www.polaris.com

 

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SOURCE Polaris Inc.

FAQ

What products did Polaris introduce in 2023?

Polaris introduced the Polaris XPEDITION, RANGER XD 1500, Lock & Ride Max, and 509 Delta V Commander Helmet.

What is the Geared For Good Report?

The Geared For Good Report details Polaris' efforts to support employees, riders, communities, and the environment.

How is Polaris impacting environmental sustainability?

Polaris signed a virtual power purchase agreement offsetting 40% of U.S. electrical use and achieved 50001 Readiness for seven U.S. locations.

What community contributions did Polaris make in 2023?

Polaris donated over $5.5 million to community organizations and invested in safe riding practices.

What safety achievements did Polaris report in 2023?

Polaris achieved its lowest Total Recordable Incident Rate of 0.46.

What initiatives did Polaris undertake for trail stewardship?

Polaris donated nearly $225,000 to support trail stewardship and rider education across the U.S. and Canada.