GE to place Biggest Electric-Vehicle Order in History | Electric Vehicle News
General Electric Co. may jump-start the electric-vehicle industry with an order that Chief Executive Officer Jeffrey Immelt said will be the largest in history.
GE, whose power-generation equipment provides a third of the world’s electricity, will order “tens of thousands” of the vehicles in about a week, Immelt said yesterday in a speech in London, without giving a total or identifying a manufacturer.
“This is a huge step up,” said Brett Smith, a vehicle technology analyst at the Center for Automotive Research in Ann Arbor, Michigan. “It’s the biggest order to date I’m aware of, by a lot.”
Expanding the world’s fleet of electric vehicles would bolster GE as it expands so-called clean-energy technology such as car chargers, solar panels and wind turbines. For every dollar of electric-vehicle sales, GE estimates it may get 10 cents in revenue, said Gary Sheffer, a spokesman.
Immelt said half of GE’s sales force of about 45,000 will drive electric vehicles. The Fairfield, Connecticut-based company also has a vehicle-leasing division through its GE Capital finance unit. Financial terms and other details about the order aren’t yet being disclosed, GE said.
GE is investing $10 billion over the next five years in clean energy across its business lines, including power- transmission software and so-called smart-grid technologies. Its products include lithium-ion batteries for cars and trucks via a venture with A123 Systems Inc. and sodium-based batteries for use in large vehicles such as locomotives.
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