8-K

                                  United States
                       Securities and Exchange Commission
                             Washington, D.C.  20549

                               -------------------


                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

      Date of Report (Date of earliest event reported):  February 19, 1997



                             POLARIS INDUSTRIES INC.
             (Exact name of registrant as specified in its charter)

                          Commission File No.  1-11411

          MINNESOTA                                    41-1790959
          (State or other jurisdiction of              (IRS Employer
           incorporation or organization)              Identification No.)


          1225 Highway 169 North
          Minneapolis, Minnesota                       55441
          (Address of principal executive offices)     (Zip Code)

                                 (612) 542-0500
              (Registrant's telephone number, including area code)



Item 5.   OTHER EVENTS

     On February 19, 1997, Polaris Industries Inc. announced, through a press
release, that it is adding motorcycles to its line of businesses with the
introduction of a made-in-the-U.S.A. model under the brand name "Victory",
available in limited quantities in the spring of 1998.  A copy of the press
release is attached as an Exhibit.



Item 7.   FINANCIAL STATEMENTS AND EXHIBITS


     (c)  Exhibits

          99.1 Press Release dated February 19, 1997


                                   Signatures

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.


Dated:   February 21, 1997       POLARIS INDUSTRIES INC.



                                 By:   /s/  Michael W. Malone
                                     -------------------------------------------
                                     Michael W. Malone, Vice President - Finance
                                     Chief Financial Officer and Secretary

EX-99.1

                                                                Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact:  Hall Wendel, Jr., Matt Parks            Chris Malecek
          Polaris Industries Inc.                 Shandwick USA
          612-542-0500                            612-832-5000


                       POLARIS TO ENTER MOTORCYCLE MARKET
                  Made in U.S.A. Motorcycles Available in 1998

     MINNEAPOLIS (FEB 19, 1997) - Polaris Industries Inc. (NYSE/PSE:  PII) today
announced that it is adding motorcycles to its line of businesses with the
introduction of a made-in-the-U.S.A. cruiser under the brand name "VICTORY",
available in limited quantities in the spring of 1998.

     "Entering the motorcycle market is a logical extension of our
diversification strategy," said Polaris Chairman and Chief Executive Officer W.
Hall Wendel, Jr..  "We have the 'Polaris' name, the engineering and marketing
expertise, the manufacturing infrastructure, and the dealer and distributor
network worldwide to effectively compete in this marketplace.  We've competed
successfully against Honda, Yamaha, Kawasaki and Suzuki in our other
businesses."

     Wendel said that expenses related to the development of the company's
motorcycles are reflected in its expectations for 1997 net income in excess of
1996's record level.  Engines for the motorcycles will be built at the Polaris
engine plant in Osceola, Wisconsin and the motorcycles will be manufactured at
the company's Spirit Lake, Iowa plant.

     Wendel said that, as with prior introductions of new product lines, the
company will emphasize keeping its break even point low and carefully managing
growth to steadily higher production volumes.  "We've been successful in
achieving balance and profitable growth through expansion into the all-terrain
vehicle (ATV) and personal watercraft (PWC) markets.  With the decision to enter
the motorcycle market, we're continuing a strategy that we have already proven
successful."  Polaris is the only company that ranks among the top three in
market share for snowmobiles, ATVs and PWC.



Polaris to Enter Motorcycle Market
Page 2 of 2

     Wendel noted that the motorcycle market is larger than both the personal
watercraft and snowmobile markets in which Polaris already successfully
competes.  The worldwide market for cruiser motorcycles is estimated at over
200,000 units annually and cruiser motorcycle sales have nearly doubled in the
last five years.  The company expects that its large base of existing customers
will be among the early buyers of the new line of motorcycles.  "Customers who
ride Polaris products are a loyal group who crave adventure, love the outdoors,
and embrace the sense of freedom that our machines deliver.  Furthermore, some
30 percent are already active motorcyclists," said Wendel.

     All Polaris businesses are run as strategic business units, and Matt Parks
will be the General Manager for motorcycles, reporting to Ken Larson, Polaris
President and Chief Operating Officer.

     Polaris Industries Inc. designs, engineers, manufactures and markets
snowmobiles, all-terrain vehicles and personal watercraft for recreational and
utility use.  Polaris is the world's largest snowmobile manufacturer and one of
the largest U.S. manufacturers of ATVs and personal watercraft.  Polaris
Industries Inc. trades on the New York Stock Exchange and the Pacific Stock
Exchange under the symbol "PII."

     Except for historical information contained herein, the matters set forth
in this news release, including management's expectations regarding 1997 net
income, are forward-looking statements that involve certain risks and
uncertainties that could cause actual results to differ materially from those
forward-looking statements.  Potential risks and uncertainties include such
factors as product offerings and pricing strategies by competitors; warranty
expenses; foreign currency exchange rate fluctuations; environmental and product
safety regulatory activity; effects of weather; uninsured product liability
claims; and overall economic conditions, including inflation and consumer
confidence and spending.  Investors are also directed to consider other risks
and uncertainties discussed in documents filed by the company with the
Securities and Exchange Commission.

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