General Electric pledged that by 2015, half of its global fleet will be composed of electric cars. GE also announced that it has made an initial purchase of 12,000 GM vehicles, starting with the Chevrolet Volt in 2011. GE intends to add more vehicles as carmakers move to expand the ranges of their electric vehicle lineup.
Production of the Chevrolet Volt began this month. Other automakers have also confirmed that they are releasing electric vehicles to the market.
When this happens, GE will have the access to resources to help its 65,000 global fleet customers convert and manage their fleets. GE Chairman and CEO Jeff Immelt said that electric vehicle technology is “real and ready for deployment.”
Immelt added that the company is “embracing the transformation with partners like GM and [its] fleet customers." Immelt said that by adding electric vehicles to its fleet, GE has to “accelerate the adoption curve, drive scale, and move electric vehicles from anticipation to action."
Immelt said that the company will develop technology that covers each aspect of the electric vehicle infrastructure and will lead to the transformation to a smarter electrical grid.
He pointed out that this transformation will be “good” for its businesses and for its shareowners. He also said that when more electric vehicles are adopted, it drives innovations on clean energy and it also reinforces energy security and offers economic value.
With this move, GE is expecting to boost revenues up to $500 million over the next three years as part of its ecomagination business strategy to hasten the development and deployment of clean energy technology.