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BP signs deal with mall owner Simon Property for over 900 EV chargers
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BP signs deal with mall owner Simon Property for over 900 EV chargers
Jul 10, 2024 6:33 AM

SAN FRANCISCO, July 10 (Reuters) - A unit of BP

signed a deal with mall owner Simon Property Group ( SPG ) to

install and operate more than 900 high-speed electric-vehicle

chargers at 75 sites across the United States, the companies

said on Wednesday.

The first locations with chargers from BP Pulse will be open

to public in early 2026 and support vehicles from nearly all EV

makers, the companies said in a joint statement.

The deal, one of the largest in EV charging for the global

oil giant, comes amid a broader slowdown in demand for EVs as

high interest rates meant to control inflation have soured

consumer sentiment for battery-powered vehicles, which are

typically more expensive than gas-powered counterparts.

"We continue to believe that the U.S. will be a substantial

EV market," Sujay Sharma, CEO of BP Pulse Americas, said in an

interview with Reuters, but declined to disclose the financial

terms of the deal.

Sharma said the company was working on more such deals.

BP Pulse has more than 39,000 EV charge points globally, the

company said, and plans to have 100,000 points by 2030.

The oil major has been expanding its footprint through deals

with other companies such as Hertz, and also acquired

truck fueling provider TravelCenters of America last year to

expand its retail and charging network.

"I think in the short term there may be some demand

slowdown," Sharma said. "(But) we think the consumers are out

there. We think the growth is out there long-term. We take that

long-term outlook and we invest for that."

Last year, BP Pulse made plans to invest $1 billion in

America's EV infrastructure by the end of the decade.

However, the company axed more than 100 jobs, or over 10% of

its global workforce, and also pulled its electric vehicle

charging business out of several markets, sources told Reuters

in April.

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