BP enters the world’s largest EV market

BP has signed an agreement with China-based multi-modal transportation platform DiDi to jointly build electric vehicle charging infrastructure in China.

The two will develop a network of EV Charging hubs across China for DiDi drivers and the public.

BP and DiDi have already opened a pilot site in Guangzhou, with ten fast-charging units, ranging from 60-120kW.

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DiDi’s app which includes ride-hailing and other services is being used by 550 million users and over 600,000 EVs in China.

BP is operating in 18 countries, has over 18,700 retail sites and is making use of the deal to expand its presence in China as well as in the smart mobility industry.

50% of the world’s battery EVs are in China and by 2030, 80% of EV charging in China is expected to be done at destination, forecourt and fleet hub charge points.

BP has acquired and invested in EV charging firms Chargemaster and StoreDot respectively to expand its revenue streams. BP is also involved in the development of EV charging infrastructure in various countries.

In China, the energy giant has invested in NIO Capital’s investment fund, focused on China’s new energy vehicle ecosystem, and an equity investment in PowerShare, which offers an online platform connecting EV drivers, charge point operators and power suppliers.

Xiaoping Yang, BP China chairman and president, said: “China offers tremendous growth opportunities for BP. Partnering with DiDi enables BP to actively contribute to China’s fast-growing EV charging market with differentiated offers, and also to further expand our business footprint in the country.”

BP and DiDi will expand their partnership by offering loyalty and convenience offerings and other services in future.

Tufan Erginbilgic, BP’s downstream chief executive, said: “As the world’s largest EV market, China offers extraordinary opportunities to develop innovative new businesses at scale and we see this as the perfect partnership for such a fast-evolving environment. The lessons we learn here will help us further expand BP’s advanced mobility business worldwide, helping drive the energy transition and develop solutions for a low carbon world.