- BP’s EV charging business, BP Pulse, undergoes strategic streamlining to enhance effectiveness and align with market dynamics.
- CEO Murray Auchincloss’s commitment to refining BP’s strategic focus underscores the company’s dedication to transitioning towards low-carbon energy.
- BP Pulse narrows its global focus to four key markets for growth, aiming to strengthen its position in the rapidly evolving EV market.
BP’s Strategic Territorial Shift in EV Focus
BP has streamlined its EV charging business, BP Pulse, optimising its workforce to align with evolving market dynamics. This strategic adjustment allows BP to focus its efforts where they can have the greatest impact, ensuring a stronger position in the rapidly evolving EV space.
The recent restructuring reflects CEO Murray Auchincloss’s commitment to refining the company’s strategic focus, underscoring BP’s dedication to navigating the transition towards low-carbon energy amidst investor scrutiny, ensuring a resilient and sustainable future for the company.
BP Pulse had recently refined its global strategy, narrowing its focus from 12 countries to four: the United States, Britain, Germany, and China. This decision was said to be driven by the company’s anticipation of accelerated growth in the EV market within these key regions. It had also earmarked Australia, New Zealand, and France for growth.
A spokesperson from BP described these changes as;
“a step towards ensuring that we can execute our goals with even greater precision and effectiveness.”
Consequently, the division has reduced its workforce by over 10%, cutting over 100 jobs out of its global workforce of 900 in recent months. Many employees have been reassigned to other divisions, with only a few departing the company, according to sources.
The decision comes amidst global belt-tightening by automakers due to a slower-than-expected adoption of electric vehicles. In a similar move, EV leader Tesla will lay off over 10% of its global workforce amid declining sales and heightened competition.
However, EV charging remains one of BP’s five key growth drivers. The company is banking on customers spending more time at its convenience sites while utilising fast chargers to power up their vehicles.
BP reported having over 29,000 charging points worldwide by the end of 2023, a significant increase from 22,000 the previous year. The company has set an ambitious target to expand this network to 100,000 charging points by 2030, illustrating its commitment to playing a leading role in the global transition to sustainable mobility.
