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GE Doubles Down on Electric Cars

Reuters:

General Electric Co Chief Executive Jeff Immelt said people “may be disappointed in the adoption of the electric vehicle” but his company will continue investing in battery technology to reflect its confidence in an eventual uptick.

Speaking during an automotive conference in Detroit on Tuesday, Immelt — whose company is a key supplier to automakers producing electric cars — said GE is “committed to long-term development” of alternative-fuel vehicles. The executive shrugged off the perception that electric cars are just novelties and said the industry needs to find solutions to cost and infrastructure challenges.

GE, after all, has a lot riding on the success of alternative-fuel vehicles. “For every dollar invested in electric vehicles GE has 10 cents of content,” he said.

Several car companies, including General Motors Co , Nissan Motor Co , Toyota Motor Corp , Ford Motor Co and Tesla Motors Inc , have in recent years introduced cars that run partially or entirely on electric power.

Electric vehicles carry an expensive battery and typically cost more than a conventional vehicle of similar size. Sales of such vehicles have thus far been modest, and below some initial expectations.

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