BP has cut over a tenth of the workforce in its electric vehicle charging business and pulled it out of several markets after a bet on rapid growth in commercial EV fleets didn't pay off, company sources said. The changes at BP Pulse are part of CEO Murray Auchincloss's efforts to focus on the British company's most profitable segments as it battles investor doubts over its plan to shift away from oil and gas to low-carbon energy.
As a result, the division axed over 100 jobs in recent months, or over 10% of its global workforce of 900, with many employees being moved into other divisions and only a handful leaving the company, the sources said.The move comes as automakers across the world tighten their belts amid a slower than expected uptake of EVs. Tech publication Electrek reported on Monday that U.S. EV pioneer Tesla would lay off more than 10% of its workforce.
BP Pulse has also stepped away from several bets it made since launching its energy transition strategy under previous group CEO Bernard Looney in 2020. "We thought fleets would move first. But given recessionary pressures and some relief from governments, fleets have slowed down," Auchincloss said.