BP Buys $100M Worth Of Tesla Superchargers For Third-Party Network Expansion
Portfolio Pulse from Benzinga Neuro
BP (NYSE:BP) is investing $100 million to purchase Tesla (NASDAQ:TSLA) Supercharger hardware for third-party charging network use. This is part of BP's EV charging business, BP Pulse, which plans to invest up to $1 billion by 2030 to build a nationwide charging network. The Supercharger hardware is compatible with the North American Charging Standard (NACS) plug from Tesla or a CCS Combo attachment supporting most other EVs. BP Pulse aims to install these new chargers at BP family brands and third-party locations like Hertz rental car sites starting next year.
October 27, 2023 | 8:05 am
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POSITIVE IMPACT
BP's investment in Tesla Supercharger hardware signals its commitment to expanding its EV charging network, which could potentially increase its market share in the EV charging sector.
BP's significant investment in Tesla's Supercharger hardware is a strategic move to expand its EV charging network. This could potentially increase its market share in the EV charging sector, which is expected to grow significantly in the coming years. Therefore, this news is likely to have a positive impact on BP's stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Tesla's sale of Supercharger hardware to BP for third-party charging network use could potentially increase its revenue and strengthen its position in the EV charging market.
Tesla's sale of Supercharger hardware to BP is a significant deal that could potentially increase its revenue. Moreover, this deal could also strengthen Tesla's position in the EV charging market by expanding the use of its Supercharger hardware to third-party charging networks. Therefore, this news is likely to have a positive impact on Tesla's stock in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100