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

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Find Your Next Car
Index Last Change % Change
Dow 17,417.65 226.28 1.32%
Nasdaq 4,684.28 46.29 1.00%
S&P 500 2,022.95 20.79 1.04%
Treasuries 1.75 0.03 1.57%
Data as of 3:44pm ET
Company Price Change % Change
Apple Inc 118.97 3.66 3.17%
Yahoo! Inc 43.67 -2.79 -6.01%
Bank of America Corp... 15.44 0.25 1.61%
Facebook Inc 77.20 0.96 1.26%
Microsoft Corp 42.08 0.90 2.17%
Data as of 3:32pm ET

Sections

The Wednesday announcement that Don Thompson will retire as CEO of McDonald's leaves just two black CEOs in the elite Dow 30. More

The Wednesday announcement that Don Thompson will retire as CEO of McDonald's leaves just two black CEOs in the elite Dow 30. More

China has new rules for foreign tech firms: become a spy tool and give up your highly-guarded computer source code. More

On demand delivery startup WunWun is expecting its order volume to double by the time they close up shop on Monday. All thanks to a blizzard. More

The IRS said it has carried out thousands of audits of offshore schemes and pursued criminal charges that have resulted in "billions of dollars in criminal fines and restitutions." And it won't stop there. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2015 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2015. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2015 and/or its affiliates.