BP Is Interested in Buying Tesla U.S. Supercharger Business

Published on: May 10, 2024
Author: Amy Liu

Tesla is slowing down its Supercharger station business, and British oil company BP is interested in acquisition. Tesla recently laid off most of its Supercharger station team to slow down the development of its electric vehicle charging network. Executives from British oil company BP stated on Thursday (local time, May 9) that the company’s electric vehicle charging division is eager to acquire Tesla’s (TSLA) Superchargers in the United States and plans to invest $1 billion to expand the charging network.

Sujay Sharma, head of BP’s American charging division, mentioned that BP is actively seeking acquisition opportunities to expand their network. The company plans to invest $1 billion by 2030, with half of the investment allocated for installing over 3,000 charging stations across the United States in the next 2-3 years.

In an internal memo to employees dated April 15, Tesla CEO Elon Musk announced a companywide 10% workforce reduction which could affect around 15,000 employees, explaining that as Tesla has rapidly expanded worldwide, some roles have become duplicative. Musk mentioned that cost reduction and productivity improvement are crucial as the company prepares for its next phase of growth. Musk later clarified on social media that Tesla still plans to expand its Supercharger network but at a slower pace in terms of new locations.

Currently, Tesla holds approximately 74% of all high-speed electric vehicle charging stalls in North America. The company’s charging stations have consistently outperformed competitors, providing a strong incentive for companies like British oil company BP to consider acquisition.

Sharma emphasized that BP is actively seeking talent and asset opportunities to help achieve growth regardless of surrounding circumstances. Additionally, BP agreed last year to purchase roughly $100 million worth of Tesla Supercharger hardware, with plans to start deployments later this year and in early 2025.

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