BP believes that charging electric cars at its service stations will soon be more profitable than gasoline sales. The milestone will mark an important moment for BP, which wants to move away from oil and expand its activities in the electricity markets and electric vehicles.
For several years car chargers were loss-making for BP and other companies due to the industry’s large investments in expansion in electrification.
BP’s fast chargers are not expected to become profitable until 2025, but the profit margin is already approaching the levels of the sale of motor fuels.
We are approaching the moment when the basic business conditions of fast charging will be better than with fuel,
said Emma Delaney, head of customers and products at BP, adding that the strong and growing demand for fast chargers in Britain and Europe, has already brought profit margins close to those of traditional gasoline filling.
Delaney did not disclose the gains or losses to date, nor when profits from chargers are expected to exceed conventional fuels.