The Strategist

BP to pay $100M for Tesla’s ultrafast EV chargers

10/27/2023 - 03:19

A $100 million deal has been signed by the British energy corporation BP Plc to purchase Tesla's rapid charging stations for electric vehicles.

Sikander Iqbal
Sikander Iqbal
The agreement would enable BP's Pulse division, which creates an electric vehicle charging network, to increase its market share in the United States, the company said in a statement. BP earlier declared that it would invest $1 billion in the US market by 2030.

It is anticipated that the new machinery would be operating in 2024.

Tesla's stock was down 1.1% on Thursday, and BP’s paper lost 0.4%.