4 reasons why bp is investing in the future of mobility

In recent years, bp has made significant investments in the future of mobility in the US, starting by introducing its electric vehicle charging business as bp pulse to America in 2021, and acquiring TravelCenters of America for $1.3 billion in 2023. The investments are a massive expansion of bp’s Convenience and Mobility business, and over time will be part of the company’s transition into an integrated energy company that delivers long-term value for shareholders—and everyday people.

Here are some of the reasons bp is investing in the future of mobility, in America:

1. Turning gas stations into integrated fueling stations is a growth opportunity for bp’s other businesses

bp's 2023 purchase of TravelCenters of America added nearly 280 retail locations along major US highway corridors. Now, bp has nearly 8,000 retail sites across 46 states and the District of Columbia, serving more than 3 million people every day across bp’s US brands, including ARCO/ampm, Amoco, and Thorntons. Collectively, the brands make up bp’s Convenience and Mobility business, which is one of the company’s Transition Growth Engines.

The expanded network creates a powerful business opportunity not only for the company’s EV charging business, but also for bp’s other Transition Growth Engine businesses—convenience, biofuels and renewable natural gas, and hydrogen—to be available to consumers all at one place. Today, for example, if you’re driving from, say, Seattle to Portland, Oregon, you could stop at an ampm location and charge your electric vehicle at a bp pulse charging station—or fill up your gas tank.

2. Building mobility infrastructure positions bp to perform within the new market

Part of the case for bp’s investment in the future of mobility comes from listening to growing consumer demand for EVs. Nearly 1.2 million new EVs were sold in 2023, a 46% increase from the previous year. And yet, many people are looking for greater availability of EV charging stations.

In fact, the US trails other major countries in developing a fast-charging network that can enable longer journeys and provide charging for consumers who don’t have chargers at home or at work. China, for example, has 760,000 fast chargers as of 2022, more than 25 times the number in the US, according to the International Energy Agency. Europe has three times as many as the US. The availability of public chargers that offer a fast and reliable consumer experience is key to encouraging EV adoption that will help the US meet its climate goals.

That’s why in 2023, bp announced plans to invest $1 billion in EV charging by 2030. This includes creating a Gigahub network, a series of large, fast-charging EV charging stations, often near airports and eventually at some of bp’s retail locations. The company aims to have more than 100,000 bp pulse charging points globally by 2030—around 90% rapid or ultra-fast. It's worth noting that bp is focused on growing the bp pulse business not only in the US, but also in Britain, China and Germany. EV charging was earnings positive in two of the four markets in 2023, and bp expects to deliver positive earnings before interest, taxes, depreciation and amortization (EBITDA) in its global business by 2025.

It's worth noting that bp is focused on growing the bp pulse business not only in the US, but also in Britain, China and Germany. EV charging was earnings positive in two of the four markets in 2023, and bp expects to deliver positive earnings before interest, taxes, depreciation and amortization (EBITDA) in its global business by 2025.

3. Governments are accelerating the clean energy revolution

Federal and state governments are quickly adopting regulations fundamentally intended to accelerate the green clean energy revolution. The Biden Administration, for example, recently unveiled its strategy to install electric and hydrogen fuel stations along major US freight routes. The Administration’s goal is to have a broad, affordable network for charging and refueling cars and trucks, with a view toward reducing emissions from the transportation sector. This is important, since the transportation sector is responsible for about 29% of US greenhouse gas emissions. More than a fifth of that comes from medium- and heavy-duty trucks that rely on petroleum-based fuels. Under the program, about 12,000 miles of US roadways would be prioritized for investment, including Interstate 80, which runs from Teaneck, New Jersey, to San Francisco.

Enter bp. In the future, you’ll see publicly accessible charging stations for medium- and heavy-duty trucks. This will be done with government partners, and illustrates bp and TravelCenters of America’s commitment to supporting fleet customers adopting electric trucks. More broadly, it’s a tangible example of how bp is investing in the future of mobility—and becoming an integrated energy company.

4. Elevate the customer experience—with returns

As we broaden the mix of offerings at our fueling stations—especially with the addition of EV charging stations—we’re elevating the customer experience. We know that EV customers tend to spend more time and money on site while their vehicles are charging. That’s why we're ready to meet consumers where they are, at any point in their day. New store layouts, on-the-go fresh food options, premium private brand goods, and time-saving digital offers are some of the ways we're elevating bp's US convenience business to give our customers what they want, where they want, and how they want it. All of this, ultimately, will deliver tangible business results.