Oil Giant BP Cuts Jobs and Scales Back EV Charging Business Claiming Investment Didn't Pay Off
Posted on 4/15/2024 by Agent009
Oil and gas giant BP is slashing jobs at its electric vehicle charging business and pulling out of several markets as its big bet on rapid growth in commercial EV fleets “didn’t pay off,” according to company sources.
BP CEO Murray Auchincloss is making the changes at its EV charging arm, BP Pulse, to quell investor doubts over its plan to shift away from Big Oil and Gas to green energy, reports Reuters.
In recent months, BP Pulse has pulled out of eight of the 12 countries it was operating in, with now the focus solely on the US, Britain, Germany, and China, where it expects to see the fastest growth in the EV market.