DETROIT (Bloomberg) -- General Electric Co. will buy 25,000 electric vehicles, almost half of them from General Motors Co., by 2015 in the biggest such order ever.
Electric autos will make up at least half of GE's 30,000-car fleet, as well as leased vehicles from its GE Capital unit, the company said in a statement today. GM's portion of the order is for 12,000 vehicles including the 2011 Chevrolet Volt. Financial terms weren't disclosed.
GE said it will order from other automakers as they "expand their electric vehicle portfolios."
GE's order is a boost for the Volt as GM prepares for an initial public offering after its 2009 restructuring in bankruptcy.
“Wide-scale adoption of electric vehicles will also drive clean-energy innovation, strengthen energy security and deliver economic value,” GE CEO Jeffrey Immelt said in the statement. GE's equipment generates one-third of the world's electricity.
“Electric vehicles are a real-world technology that can reduce both emissions and our dependence on oil,” GM CEO Dan Akerson said in the statement. The company plans to deliver Volts by the end of this year, he said. The sedan has an electric motor to drive the wheels and a gasoline engine to recharge the batteries once they're spent.