Why have the European oil companies BP, Shell and Total been buying up assets in the EV charging value chain? In some markets, many of the fast-charging options are now owned by oil companies. Do the oil barons have a sinister motive? It wouldn’t surprise us, but what would happen if the companies find that selling electrons is more more profitable than selling distilled dinosaurs? According to BP, that potentially game-changing milestone may not be far away. Reuters reports that so far, EV charging has been a money-loser for BP and its rivals. BP doesn’t expect its charging division to turn a profit before 2025. However, on a margin basis, BP’s fast charging stations are getting close to delivering the same margins the company earns from pumping petrol. BP Head of Customers and Products Emma Delaney told Reuters, "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,"

Source: Summarized from Charles Morris at evannex.

My Take: The oil companies are scrambling to position themselves for when oil loses its value. The writing is on the wall.

Why have the European oil companies BP, Shell and Total been buying up assets in the EV charging value chain? In some markets, many of the fast-charging options are now owned by oil companies. Do the oil barons have a sinister motive? It wouldn’t surprise us, but what would happen if the companies find that selling electrons is more more profitable than selling distilled dinosaurs? According to BP, that potentially game-changing milestone may not be far away. Reuters reports that so far, EV charging has been a money-loser for BP and its rivals. BP doesn’t expect its charging division to turn a profit before 2025. However, on a margin basis, BP’s fast charging stations are getting close to delivering the same margins the company earns from pumping petrol. BP Head of Customers and Products Emma Delaney told Reuters, "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,"

Source: Summarized from Charles Morris at evannex.

My Take: The oil companies are scrambling to position themselves for when oil loses its value. The writing is on the wall.