Sunday, May 29, 2022
News Electric Charging Stations on the Verge to Become More Profitable than Gasoline...

Electric Charging Stations on the Verge to Become More Profitable than Gasoline Stations, according to BP

BP expects electric vehicle charging to become more sustainable than sales of fossil fuels

  • BP claims its EV charging station are close to making more money for the company than its gas pumps

  • This division of the oil giant could be profitable on its own starting in 2025

  • The company focuses on fast charging rather than destination charging

Oil giants like BP and Shell were reluctant to see electric cars take over the automotive industry for fear of loosing money, but it now seems investing in electric charging could actually be more profitable for them than selling fuel.

BP, one of the leading global oil companies has announced that its BP Pulse electric charging network that is currently online in the UK is about to become more profitable than its sales of gasoline and diesel fuels.

Indeed, the company, which had begun investing in an Israel based fast charging company back in 2018, says that by 2025, its electric charging division could make enough money to be entirely self-sufficient, despite early predictions that this business model would lead to major losses for oil companies.

In order to maximise this profitability, BP intends on expanding its network from 11,000 stations to 70,000 stations by 2030, all of which will be fast chargers capable of 50-150 kW speeds, since the company is targeting fast-charging rather than slower and less profitable destination charging.

This is different from rival Shell, which also has an electric vehicle charging network, but less of a focus on fast chargers.

BP didn’t specify when the profits from EV charging are expected to overtake those from the sale of fuels, but it disclosed that its electricity sales increased by 45% between the second and third quarters of 2021, which signals an opportunity for growth.

Other oil companies will likely follow suit if it turns out selling electricity becomes more profitable than selling fuel, which could lead to a massive increase in the number of public charging stations and thus better infrastructures for electric vehicles.

Trending Now

Stellantis will Invest $2.5 Billion in a Battery Plant in Indiana

This new factory will be a joint venture with Samsung SDI The automaker targets an initial annual production capacity of 23 GWh The...

Upcoming Euro 7 Regulation Will Include Limitations to Particulate Emissions from Brake Pads

The latest regulations will also focus on reducing nitrogen oxides and sulphur oxides emitted by cars. Tires and brake components are under scrutiny...

Goodyear is Working on Airless Tires that Could Arrive First on Autonomous Vehicles

These tires will be immune to punctures, since they feature an open design Goodyear says these tires will be able to support more...

Rumour: Towards a Dedicated Electric Factory in Mexico for BMW

BMW's new assembly plant in Mexico - the complex opened in 2019 - could soon become the Bavarian division's first electric vehicle production center....

It’s Officially Official: Ford has Beat Tesla by Delivering its Electric Truck First

The first new Ford F1-50 Lightning was delivered yesterday in Michigan. The Tesla Cybertruck was officially announced in November 2019. This is an interesting...


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.