The British-based oil major BP has said that within a few years, its network of fast chargers for electric vehicles (EVs) will become more profitable than its petrol and diesel pumps.
While BP does not provide granular data for how profitable its charging business currently is, it says it expects pumps and chargers to switch positions in 2025. The company previously acquired Chargemaster in 2018 and rebranded it to BP Pulse. Over this decade, BP expects its global network of charging points to grow from 11,000 to 70,000. It has committed to investing £1.8bn annually in its retail infrastructure, although this also includes traditional fuels.
Speaking to Autocar, a company spokesperson said about its ambitions:
“Demand has spiked and we’re investing in the infrastructure…We’re focusing on putting chargers in China, Europe, the UK, Germany and the Netherlands, and we made our first play in the US a few months ago, when we purchased the charging company Amply.”
BP also owns the Castrol brand, which makes the Castrol ON range of grease, transmission oil and coolant fluids that are specially designed for the unique needs of EVs.
The spokesperson also said BP was focusing on customer convenience for its charging points, saying it wanted to place them on retail sites where people currently go to refuel their petrol and diesel cars. While waiting for as little as 10 minutes to recharge their EVs, customers will be ability to use Wi-Fi, buy a coffee or other drink, or pursue other activities in the area.