GE Capital, a division of General Electric Company (GE), recently signed a three-year agreement to provide financing of commercial purchase of electric vehicles from Global Electric Motorcars (:GEM), a subsidiary of Polaris Industries Inc. (PII).
Polaris – a leader in the power sports industry with sales of $3.2 billion in 2012 - designs manufactures and markets motorized products for consumer and commercial usage. GEM has a diversified product line, which includes all-terrain vehicles (ATVs), snowmobiles, Polaris Ranger Indian and Victory motorcycles and related parts and accessories, and has sold over 46,000 vehicles globally.
GE Capital already has business tie ups with Polaris for more than 25 years. The extension of this contract strengthens the mutual relationship of both the companies. GE Capital aims to offer its financing program for all commercial users and thereby help Polaris in augmenting its revenues by fostering organic growth, achieving technical excellence, while building enduring customer relationships globally.
General Electric is one of the most diversified technologies and financial service corporations in the world. Its segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Home & Business Solutions, and GE Capital.
GE Capital is equipped with diverse type of products, ranging from consumer lending to financial solutions. GE Capital meets the financial needs of businesses of all sizes. In the last reported quarter revenues from the GE Capital segment increased 2% year over year to $11.5 billion as it reduced the overall size of its portfolio while focusing on core growth.
General Electric currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look now are Honeywell International Inc (HON) and Crane Co (CR), each carrying a Zacks Rank #2 (Buy).
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