BY MIKE NICHOLSON, Associated Press • GEICO Inc. is planning to buy a new electric chair for use by its employees.

GEICO has already sold an electric chair in the U.S. for use at the hospital.

The company said Wednesday that it has agreed to buy the $4,000 chair, which was developed at GEICO.

It was designed by Boston-based company Lightworks and features a carbon fiber frame, carbon fiber legs and aluminum headstock.

It also has a steel frame, aluminum legs and headstock with a plastic head that can be rotated.

GEINCO CEO David Vannini said Wednesday the new chair will be used by GEICO employees, as well as by the medical devices company’s manufacturing staff.

He said the chair is about 10 percent cheaper than its previous model.

The chair will ship in March 2019, with the company having to ship it to customers by July 2019, he said.

The new electric-chair design, which also uses a battery, is also cheaper than the previous electric chair from the same company, said Vannino.

The chairs cost about $1,500 each, with GEICO having to pay for the manufacturing cost.

The announcement comes after GEICO reported an 11 percent drop in first-quarter profit.

The hospital group posted a loss of $3.1 billion in the quarter ended March 31, according to a Securities and Exchange Commission filing.

GECO’s stock dropped by more than 4 percent in after-hours trading Wednesday.

The stock has gained about 4.5 percent this year.

GEINA is one of several electric-chairs makers that has been eyeing an electric-scooter, as they have become more popular among the young and urban demographic.

Electric-chairs also are gaining popularity in Japan, which has become more electrified in recent years.