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BP PLC - London-headquartered oil major - Signs strategic partnership with German automaker Volkswagen AG to ‘boost’ adoption of electric vehicles across Europe. The pair plans to ‘rapidly’ build fast-charging EV network across Europe by 2024.
‘Volkswagen's innovative Flexpole 150,000 watts charging units, each of which features two charge points, have an integrated battery storage system, overcoming one of the biggest obstacles to the rapid roll-out of fast charging infrastructure in Europe today the need for high-powered grid connections,’ VW explains.
First phase of the roll-out will see up to an additional 4,000 charge points at BP's Aral retail sites in Germany and BP retail sites in the UK over the next 24 months. Hoping for 8,000 charge points available across Europe by end of 2024.
Bernard Looney, BP chief executive, says: ‘EV charging is one of the key engines driving BP's transformation to an integrated energy company. That's why we're so excited by our partnership with Volkswagen.’
Current BP stock price: 388.05 pence
12-month change: up 28%
Current VW stock price: €209.90
12-month change: down 21%
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