Oil giant BP claims the use of its BP pulse electric vehicle chargers is “on the cusp” of being more profitable for the company than filling up an internal combustion-powered car with gas. Once that happens, it could mark a major turning point for EVs and “big oil”.
The business of EV charging – filling up a car with electrons rather than petroleum-based gas or diesel – has always been a loss leader for oil companies like Shell and BP, who are seemingly being dragged into the electric future kicking and screaming. That may be about to change, however, as BP’s latest numbers show that, on a margin basis, its UK-based “BP pulse” network of fast battery charging stations, is nearing the levels of profitability they see from filling up with petrol. And the division could be profitable on its own by 2025.