BP’s low-carbon mobility team axed as company reverts to oil and gas

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Financial Times 1d ago

BP’s low-carbon mobility team axed as company reverts to oil and gas - Financial Times

Quick Summary:

BP is shutting its low-carbon mobility team in the energy major’s latest retreat from its five-year-old attempt to diversify away from oil and gas.

The company said it remained focused on expanding its EV charging business in its four key markets of the UK, Germany, the US and China, and on growing through joint ventures in India, Spain and Portugal.

Projects in low-carbon mobility were developing “more slowly” and required “a lot of investment” at a time when the capital available to the wider division had been reduced, he added.