For BP, EV Car Chargers to Overtake Pumps in Profitability Race

BP reported that its electricity sales for EV charging grew 45% in the third quarter of 2021 from the previous quarter.

Ron Bousso, Reuters

BP says its fast electric vehicle (EV) chargers are on the cusp of becoming more profitable than filling up a petrol car, the company reported on Jan. 14.

The milestone will mark a significant moment for BP which wants to shift away from oil and expand operations in power markets and around EVs.

EV charging has for years been a loss-making business as a whole for BP and rivals as they invest heavily in its expansion. The division is not expected to turn profitable before 2025 but on a margin basis, BP's fast battery charging points, which can replenish a battery within minutes, are nearing levels they see from filling up with petrol.

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