For BP, EV chargers to overtake pumps in profitability race:
LONDON — BP says its fast electric vehicle chargers are on the cusp of becoming more profitable than filling up a petrol car.
"If I think about a tank of fuel versus a fast charge, we are nearing a place where the business fundamentals on the fast charge are better than they are on the fuel," BP's head of customers and products Emma Delaney told Reuters. The company also said that electricity sales for EV charging grew 45% in the third quarter of 2021 from the previous quarter.
Like rivals including Royal Dutch Shell, BP's retail business, which includes fuel sales and convenience stores, is highly profitable and central in its energy transition strategy. While rivals like Shell are investing in a range of charging technologies including tens of thousands of slower, low voltage, on-street charging points in Britain and elsewhere, BP is focusing on fast and ultra-fast charging technology.
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