BP's EV Chargers 'On the Cusp' of Being More Profitable than Gas Pumps
Jan. 18, 2021—BP says its EV chargers are "on the cusp" of becoming more profitable than its gas pumps.
Though EV chargers have traditionally been operated at a loss by large oil companies, BP's fast battery chargers are "nearing (profit) levels they see from filling up with petrol," according to a report from Reuters.
"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 executive Emma Delaney told Reuters.
The company did not disclose its revenue from EV chargers or when total profit from EV-related business could surpass traditional fuel, but the report suggests the endeavor could turn profitable for BP as early as 2025.
BP currently has 11,000 EV chargers and is planning on increasing that number to 70,000 by 2030.
"Overall, we see a huge opportunity in fast charging for consumers and businesses, as well as fleet services more generally - that's where we see the growth, and where we see the margins," Delaney said.