The EV Charging Business of Utility Giant Engie Is Bleeding Cash

EV Box, the electric vehicle charging business of French utility giant Engie, booked another loss for the first quarter of this year, following a loss for full-year 2023, and is expected to record a loss in 2025, too, executives said on Friday. Engie reported on Friday lower group pre-tax earnings for the first quarter, due to a decline in natural gas prices and consumption. Excluding nuclear, Engie’s earnings before interest and tax EBIT fell by 3.

Engie has struggled to find a buyer for the loss-making EV charging business, which it acquired in 2017. “Due to losses at EV Box, as well as the lack of success thus far from our measures to identify a potential buyer for this company, the Group is actively examining all options that could lead to disengage, in accordance with local regulations,” Engie said in its Q1 earnings release today.

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