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Oil companies expanding electric car fast-charging networks might not entirely be the image-burnishing loss-leader some would suspect.
BP sees EV charging as a business line bound for profitability, according to a report from Reuters, citing a top executive at the energy giant. As it underscores, BP’s charging division isn’t expected to be profitable by 2025, yet on a margin basis (money in, money out) it’s near the levels of gas filling.
The surprising disclosure, from Emma Delaney, BP’s head of customers and products, didn’t include any firm numbers regarding the profit or loss related to EV charging, but she underscored that in Europe and the UK, those profit margins are close.
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