General Electric Begins Financing Electric Cars

Judging solely from the name, you'd expect General Electric (NYSE: GE  ) to have a fondness for electric businesses -- and it does.

On Thursday, GE announced that in yet another move toward trying to midwife an American electric car industry, it will begin the financing of commercial purchases of low-speed electric vehicles from Polaris Industries (NYSE: PII  ) subsidiary Global Electric Motorcars (GEM).

GE already supports the nascent electric car industry in several ways, for example, by promising to buy 25,000 electric cars over five years, and by developing the "WattStation" tower for charging electric cars.

The cars GE says it will be financing today -- smaller than better-known Chevy Volt or Nissan Leaf motorcars -- more resemble golfcarts in size, but can travel at up to 25 mph, and are street-legal for use on many roads. According to a press release, GEM has sold 46,000 of the vehicles to date.

GE will conduct the financing of purchases of GEM vehicles through its GE Capital Finance subsidiary.

 

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  • Report this Comment On May 05, 2013, at 10:28 PM, anderlan wrote:

    "developing the "WattStation" tower for charging electric cars."

    Home chargers, huh? This is a non-product. Tesla doesn't require a home charger, just a properly spec'ed 240V outlet. There is nothing the 'home charging station' does that the car can't do, and indeed actually does. The regular 120V cord on a LEAF can be upgraded to attach to a 240V outlet. Not sure why the category exists, except as a trick.

  • Report this Comment On May 19, 2013, at 6:26 PM, jpmj wrote:

    Yes, to your one point, anderitan. But, what about GE, PLL, and financing of GEM vehicles by its subsidiary, GE Capital Finance. Looks like a great deal with good companies to me. I for one have been paying attraction and thanks for the good cutting edge advice, TMF. FOOL On!!! jpmj4847

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