GE to Finance Electric Vehicle Purchases of the Low-Speed GEM Variety

MAY 14 2013 BY ERIC LOVEDAY 1

Polaris / GEM NEV

GEM NEV

Judging by its name, you’d expect General Electric to have an attachment to electric.  Guess what?  GE does.

GE Capital Will Finance Electric Vehicles, But Only Low Speed Ones

GE Capital Will Finance Electric Vehicles, But Only Low Speed Ones

Remember a couple years back when GE announced it would purchase 25,000 plug-in vehicles within five years’ time?  Well, that buying process is underway and GE even entered the charging business with its WattStation unit.

Now, GE is entering the financing side of the electric vehicle equation.

GE announced it will begin financing purchase of low-speed electric vehicles (aka neighborhood electric vehicles or NEVs) from Polaris Industries’ subsidiary Global Electric Motorcars (GEM).

The electric GEM more or less resemble high-end golf carts, but they’re widely popular with municipalities, hotels, resorts, and property and facility maintenance departments.

To date, GEM has sold a rather remarkable 46,000 NEVs, which can hit speeds of up to 25 mpg and are legal for use on most roads.

Financing of purchases of GEM vehicles will be handled through GE Capital Finance subsidiary.  Pricing for GEMs NEVs range from roughly $7,800 to $12,000.

Interested in buying a GEM?  Check out what GEM has to offer by clicking here.

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1 Comment on "GE to Finance Electric Vehicle Purchases of the Low-Speed GEM Variety"

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Bill Howland

I was initially going to buy a GEM years ago, but then a local restaurant owner who had one told me she was having trouble getting it serviced.. From the website, it looks as though they’ve made no attempt to modernize what is now a very old product.