BP plans for 900 EV chargers in Simon Property partnership deal
Partnership Deal: BP signed a deal with Simon Property Group to install and operate over 900 high-speed electric-vehicle chargers at 75 locations across the U.S.
Launch Timeline: The first chargers from BP Pulse will be available to the public by early 2026 and will support almost all EV models.
Market Context: The deal occurs amidst a slowdown in EV demand due to high interest rates affecting consumer sentiment.
Market Belief: Sujay Sharma, CEO of BP Pulse Americas, expressed confidence in the U.S. EV market's long-term potential despite current challenges.
Expansion Plans: BP Pulse currently has over 33,900 EV charge points globally and aims to reach 100,000 points by 2030.
Recent Expansions: BP has been expanding through partnerships with companies like Hertz and by acquiring TravelCenters of America to enhance its retail and charging network.
Investment Commitment: BP Pulse plans to invest $1 billion in U.S. EV infrastructure by the end of the decade.
Operational Adjustments: Despite the expansion, BP cut over 100 jobs and exited several EV charging markets earlier this year.