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GE to Buy 25,000 Electric Vehicles

November 11, 2010

GE announced today it will purchase 25,000 electric vehicles by 2015 for its own fleet - the largest-ever single electric vehicle commitment. 

GE said it will initially purchase 12,000 General Motors vehicles, beginning with the Chevrolet Volt in 2011, and will add other vehicles as manufacturers expand their electric vehicle portfolios. 

GE said it will convert at least half of its 30,000 global fleet and will partner with fleet customers to deploy a total of 25,000 electric vehicles by 2015. 

GE said it is in position to support the infrastructure needed to help its 65,000 global fleet customers convert and manage their fleets. GE owns one of the world's largest fleets, operates a global fleet management business, and offers charging stations, circuit protection equipment and transformers that are used in electric vehicle infrastructure development. This enables GE to lead wide-scale electric vehicle adoption and generate growth for its businesses.

"Electric vehicle technology is real and ready for deployment and we are embracing the transformation with partners like GM and our fleet customers," said GE Chairman and CEO Jeff Immelt. "By electrifying our own fleet, we will accelerate the adoption curve, drive scale, and move electric vehicles from anticipation to action.

"We make technology that touches every point of the electric vehicle infrastructure and are leading the transformation to a smarter electrical grid," Immelt said. "This transformation will be good for our businesses and for our shareowners. Wide-scale adoption of electric vehicles will also drive clean energy innovation, strengthen energy security and deliver economic value."

GE businesses including Capital Fleet Services, Energy and Licensing & Trading will benefit from an emerging electric vehicle market that could deliver up to $500 million in GE revenue over the next three years. This includes rapidly developing markets for GE's charging station, the WattStation.

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