has cut over a tenth of the work force 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.
BP Pulse reduced the number of countries it operates in from 12 to four in recent months, focusing now on the United States, Britain, Germany and China, where it expects the fastest growth in the EV market, BP told Reuters. “Our EV ambitions have not changed,” BP said. The changes at BP Pulse are “a step towards ensuring that we can execute our goals with even greater precision and effectiveness”.
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, Auchincloss told analysts in February.