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BP p.l.c. (NYSE:BP) reportedly planned to cut over a tenth of the workforce in its electric vehicle charging business, BP Pulse.
BP Pulse lowered the number of countries in which it operates to four from 12 in recent months as commercial EV fleets didn’t pay off as expected, reported Reuters.
The changes at BP Pulse are part of CEO Murray Auchincloss’ efforts to focus on the most profitable segments, the report added.
Consequently, the division cut more than 100 jobs in recent months (accounting for over 10% of its global workforce), with many employees being moved into other divisions and only a handful leaving the company, as per the report.
Auchincloss told analysts in February, “BP initially expected commercial car fleets would be first and fastest to switch to EVs at scale, but that did not pan out, in part because governments eased mandates for switching to EV vehicles.”
With this move, the company plans to focus on the U.S., Britain, Germany, and China, where it expects the fastest growth in the EV market.
As per the report, BP had over 29,000 charging points globally as of 2023, and aims to have 100,000 points by 2030.
The report further quoted BP saying, “Our EV ambitions have not changed.”
“The changes at BP Pulse are “a step towards ensuring that we can execute our goals with even greater precision and effectiveness.”
Investors can gain exposure to the stock via Direxion Hydrogen ETF(NYSE:HJEN) and First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX).
Price Action: BP shares are down 0.03% at $39.43 on the last check Monday.
