Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

GE to buy 25,000 electric cars

By Aaron Smith, staff writer


NEW YORK (CNNMoney.com) -- GE said on Thursday that it will buy 25,000 electric vehicles for its fleet through 2015 in the "largest-ever" purchase of electric cars.

GE (GE, Fortune 500) will begin with a purchase of 12,000 Chevy Volts from General Motors Co. The purchases will begin in 2011, said GE.

GE has a current fleet of 30,000 vehicles which are used by GE employees to conduct their business. The conglomerate said it "will add other [electric] vehicles as manufacturers bring them to market."

GE says that because of its size and technology the company is uniquely positioned to bring the electric vehicles into the mainstream.

GE Chief Executive Jeff Immelt said the purchase will help to "move electric vehicles from anticipation to action."

"Wide-scale adoption of electric vehicles will also drive clean energy innovation, strengthen energy security and deliver economic value," he said.

GM Chief Executive Daniel Akerson described the deal with GE as "a marriage made in heaven" for both corporations."

"We're interested in [GE's] watt station, their charging stations," said Akerson. "It dovetails well with this electric vehicle [the Volt] and electric vehicle development across the automobile industry."

GE said that 15,000 of the 25,000 electric vehicles that it plans to purchase will be used to replace half of its fleet. The other 10,000 electric vehicles will be used in its Fleet Services division. That division provides business-to-business fleet financing and management for customers.

The Chevrolet Volt is expected to roll off production lines later this month.

"GE's decision to dive headfirst into the electric-drive vehicle market isn't selfless - the company stands to profit from the success of such cars," said John O'Dell, senior editor for Edmunds' GreenCarAdvisor.com.

O'Dell said that GE manufactures EV chargers, has partnered with Better Place, which owns battery exchange stations, and is a shareholder in A123 Systems (AONE), a battery maker. To top of page

Find Your Next Car
Index Last Change % Change
Dow 16,066.03 -308.73 -1.89%
Nasdaq 4,670.78 -62.72 -1.33%
S&P 500 1,916.87 -34.26 -1.76%
Treasuries 2.13 -0.04 -1.94%
Data as of 1:06pm ET
Company Price Change % Change
Bank of America Corp... 15.55 -0.39 -2.45%
Apple Inc 108.85 -1.52 -1.38%
Alcoa Inc 9.52 -0.05 -0.52%
Micron Technology In... 16.83 0.24 1.46%
Microsoft Corp 42.44 -1.06 -2.45%
Data as of 12:51pm ET
Sponsors

Sections

The Force wasn't the only thing to awaken just after midnight on September 4. Cash registers sprang into life as fans flocked to buy new products tied to the latest Star Wars move. More

Harlem's Hot Bread Kitchen teaches kitchen skills to low-income immigrant so they can find employment. More

Google has released Chrome 45, which claims to make your browser faster and give your laptop battery extra life. More

Harlem's Hot Bread Kitchen teaches kitchen skills to low-income immigrant so they can find employment. More

Pimco's famous fund once managed by star manager Bill Gross has less than $100 billion in management for the first time since 2007. More