Wal-Mart chief says stores 'may sell hybrids'
Wal-Mart Stores Inc Chief Executive Officer H. Lee Scott discussed with automakers the possibility of selling gasoline-electric hybrid cars and plug-in automobiles at the retailer's stores.
"Maybe there isn't room for Wal-Mart in this right now," Scott said in a speech to store managers and suppliers in Kansas City. "But something tells me that there may be some role for us in the future." Scott didn't identify the carmakers, other than to say they were "major" companies.
Scott, who's overseen a 31 percent decline in Wal-Mart's stock-market value during his eight-year tenure, has staked his reputation on an environmental agenda that he said might save millions of barrels of oil annually and cut consumers' energy costs. The Bentonville, Arkansas-based retailer plans to work with suppliers to make products that are 25 percent more energy- efficient over the next three years.
"Wal-Mart has an opportunity to take a leading role in this environmental effort, especially within the retail sector," said David Abella, an analyst at Rochdale Investment Management in New York, with $2.5 billion in assets including Wal-Mart shares. He called the idea of selling hybrids at Wal-Marts "a bit far-fetched".
Scott laid out ideas for ways to supply energy to consumers, proposing wind turbines and solar panels to generate power so customers can charge electric cars in parking lots at the world's biggest retailer.
Agencies
(China Daily 01/25/2008 page16)
