What’s going on here?
BP signed a landmark deal with Simon Property Group to roll out over 900 high-speed EV chargers at 75 sites across the US by 2026.
What does this mean?
Despite a recent slowdown in EV demand due to high interest rates, BP Pulse is placing a big bet on the future of electric vehicles. BP Pulse, BP’s EV charging arm, will oversee the installation of these chargers, covering nearly all EV brands. This partnership with Simon Property Group isn’t just a one-off: BP Pulse plans to ramp up its charging network worldwide, aiming to grow from 39,000 to 100,000 charge points by 2030. The first chargers are expected to go live by early 2026, reflecting BP’s confidence in long-term market growth, even as they navigate current market challenges.
Why should I care?
For markets: Charging stations could spark new demand.
BP’s collaboration with Simon Property Group could make EVs more accessible, potentially reviving sagging demand. While rising interest rates have curbed EV sales, an expanded nationwide charging network might entice more consumers to make the switch, betting on the longevity and growth potential of cleaner transportation.
The bigger picture: Laying the groundwork for a green future.
BP Pulse is not just investing in EV chargers; it’s investing in the infrastructure of the future. By committing $1 billion into the US’s EV infrastructure and planning extensive collaborations, BP Pulse is positioning itself as a pivotal player in the green transition. Despite job cuts and market exits last year, BP Pulse’s aggressive expansion signals a strategic pivot toward long-term sustainability and technological advancement.
