General Electric to Buy 25,000 Electric Cars
Symbols: GE, XLI, UTX, UPS, MMM
General Electric said today it plans to buy 25,000 electric vehicles by 2015 for its own fleet and its Capital Fleet Services business. GE will initially purchase 12,000 vehicles from General Motors, including the Chevy Volt in 2011, and add vehicles as other manufacturers expand with more electric offerings. GE noted it is in a strong position to help deploy the supporting infrastructure for electric cars, including charging stations, circuit protection equipment and transformers.
GE shares are trading lower with the general markets Thursday, off 1.3% so far.
GE is the top holding of the Industrial Select Sector SPDR Fund (XLI) at 10.34% of the portfolio. United Technologies (UTX) is the second-largest holding, at 5.81% of the fund, followed by UPS (UPS) at 5.46% and 3M (MMM) at 5.02%.
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