BP believes its EV chargers will be more profitable than gas stations soon

British Petroleum has revealed its opinion on electric car charging terminals: apparently, the company sees a big future ahead of the electric car industry and believes charging terminals will be substantially cheaper to operate than conventional gas stations.

The corporation admits that at the current stage, the chargers only generate losses, but growing user base, innovative battery tech and optimized charging routines should soon make the industry profitable. According to a study, this should be possible in three years’ time, until which BP and its rivals will continue investing in this market area.

Surprisingly enough, BP says it is ready to distance itself from the oil industry and make the transition into an era of battery cars. Its charger network comprises 11,000 units right now and is expected to make 70,000 units by the start of the next decade. EV energy sales grew 45% in the third quarter of 2021 compared to the second quarter, so the demand should be obvious.

Unlike most of its competitors, BP bets on fast (50+ kW) and rapid (150+ kW) charging protocols, which requires substantial infrastructure investments but promises a bigger payoff in the future.