Chevrolet Volt production started this month and other automakers are releasing electric vehicles to the market. As this occurs, GE has the resources to help its 65,000 global fleet customers convert and manage their fleets.
"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."
As expected, General Electric hopes that its move will bring up to US $500 million in revenues over the next three years as part of its ecomagination business strategy to accelerate the development and deployment of clean energy technology.
By buying these vehicles GE is helping kick-start the electric vehicles production, which will help lower the price of vehicles and their components and make EV's more visible and acceptable to the general public.