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Saturday, October 30, 2010

GE to buy 'tens of thousands' of Electric Cars

General Electric may jump-start the electric-vehicle industry with an order that CEO 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 in a speech in London, without giving a total or identifying a manufacturer.

Expanding the world’s fleet of electric vehicles would bolster GE as it expands 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, spokesman Gary Sheffer said.

Immelt said Thursday that half of GE’s sales force of about 45,000 will drive electric vehicles. The Fairfield, Conn., 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.  See Full Story

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