GE (NYSE: GE) announced today it will purchase 25,000 electric vehicles by 2015 for its own fleet and through its Capital Fleet Services business.
The committment is the largest made to date by any corporation.
GE 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 will initially purchase 12,000 GM vehicles, beginning with the Chevrolet Volt in 2011, and will add other vehicles as manufacturers expand their electric vehicle portfolios.
GE owns one of the world’s largest fleets, operates a global fleet management business, and offers a portfolio of product solutions including charging stations, circuit protection equipment and transformers. GE said this will enable it 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.
GE businesses including Capital Fleet Services, Energy and Licensing & Trading are expected to benefit from an emerging electric vehicle market that could deliver up to $500 million in GE revenue over the next three years, the company said. This includes developing markets for GE’s charging station, the WattStation.
GE also announced today two electric vehicle customer experience and learning centers to provide customers, employees and researchers first-hand access to electric vehicles and developing technologies. One will be located outside of Detroit, in Van Buren Township, Michigan, as part of GE’s Advanced Manufacturing and Software Technology Center. The other will be located at GE Capital’s Fleet Services business headquarters in Eden Prairie, Minnesota, with several other centers to be announced in 2011. The centers will monitor and evaluate vehicle performance and charging behaviors, driver experiences, service requirements, and operational efficiencies, while also affording the opportunity to experience a variety of manufacturers and models, and gain insights on electric vehicle deployment.
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It’s refreshing to see a larger company take such bold and positive steps to move America into the new “energy economy”. Way to go GE.
With GM only forecasting Volt sales of 40K per year, this single order will hopefully get GM to reduce the hefty $40K price tag it intially place on the Volt.