LONDON, Jan 14 (Reuters) - BP says its fast electric vehicle chargers are on the cusp of becoming more profitable than filling up a petrol car. The mi

For BP, car chargers to overtake pumps in profitability race

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2022-01-14 23:00:08

LONDON, Jan 14 (Reuters) - BP says its fast electric vehicle chargers are on the cusp of becoming more profitable than filling up a petrol car.

The milestone will mark a significant moment for BP which wants to shift away from oil and expand operations in power markets and around electric vehicles (EV).

EV charging has for years been a loss-making business as a whole for BP and rivals as they invest heavily in its expansion. The division is not expected to turn profitable before 2025 but on a margin basis, BP's fast battery charging points, which can replenish a battery within minutes, are nearing levels they see from filling up with petrol.

"If I think about a tank of fuel versus a fast charge, we are nearing a place where the business fundamentals on the fast charge are better than they are on the fuel," BP's head of customers and products Emma Delaney told Reuters.

Strong and rising demand for rapid battery chargers in Britain and Europe, has already brought profit margins close to those for traditional petrol filling, she said.