The powersports industry hasn't felt stable since before the COVID epidemic. There was a feast a few years ago when overlanding and general powersports activities exploded in popularity. And now, it appears the famine is upon us, well, actually, it has been for a while.
Back in 2020 and 2021, brands like Polaris and BRP couldn't produce UTVs, ATVs, and PWCs fast enough. You had to get on a waiting list or buy one secondhand, and the secondhand market was outrageously over-inflated. But that bubble has burst, as is hinted by Polaris' recent financial cuts.
Last year, Polaris cut its workforce by 10% in an effort to cut its costs by $250 million. But the cuts haven't come to an end, as Chief Executive Mike Speetzen said the company is aiming to cut a further $40 million in costs this year.
