GE Announces Largest Single Electric Vehicle Commitment: Commits to Convert
Half of Global Fleet by 2015
Dec 06, 2010 - Business Wire
- Energy Central
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
largest-ever single electric vehicle commitment.
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.
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 and its partners will use a mix of electric vehicle technologies
to meet their respective needs. Chevrolet Volts will roll off production lines
this month and other automakers are bringing electric vehicles to market. As
this occurs, GE is in a strong position to help deploy the supporting infrastructure
to help its 65,000 global fleet customers convert and manage their fleets.
GE owns one of the world's largest fleets, operates a leading global fleet
management business, and offers a portfolio of product solutions including
charging stations, circuit protection equipment and transformers that touch
every part of 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.
GM CEO Dan Akerson said, "GE's commitment reflects confidence that electric
vehicles are a real-world technology that can reduce both emissions and our
dependence on oil. It is also a vote of confidence in the Chevrolet Volt, which
we will begin delivering to retail customers by the end of this year. We are
pleased that the Volt will play a major role in this program, which will spur
innovation and benefit our companies, our customers, and society as a whole."
FedEx Chairman, President and CEO, and Electrification Coalition member Fred
Smith said, "With more than 16.3 million vehicles in operation in 2009,
the nation's fleet can drive initial ramp-up scale in the battery industry
and OEM supply chains. By buying these vehicles, GE is helping ramp up production
which will help lower the price of vehicles and their components and make electric
vehicles more visible and acceptable to the public at large. This is good for
GE, good for our economy, and good for our nation."
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.
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
GE is launching this comprehensive electric vehicle program as part of its
ecomagination business strategy to accelerate the development and deployment
of clean energy technology though innovation and R&D investment. In support
of the announcement today, an electric vehicle readiness toolkit has been launched
on ecomagination.com to help municipalities, customers, and individuals prepare
for wide-scale electric vehicle deployment.