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BP PLC

BP is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2023, it produced 1.1 million barrels of liquids and 6.9 billion cubic feet of natural gas per day. At the end of 2023, reserves stood at 6.8 billion barrels of oil equivalent, 55% of which are liquids. The company operates refineries with a capacity of 1.6 million barrels of oil per day.

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Volkswagen Group (OTC: VWAGY) said on Thursday it plans to install up to 8,000 fast charging points for electric vehicles across Europe in partnership with the U.K.-based oil major BP Plc (OTC: BPAQF).

Volkswagen Aims To Install 8,000 EV Fast-Charging Spots In Europe By 2024

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Volkswagen Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) said on Thursday it plans to install up to 8,000 fast charging points for electric vehicles across Europe in partnership with the U.K.-based oil major BP Plc&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BPAQF#OTC">BPAQF</a>).

What Happened: The deal will see BP deploy the mobile chargers made by Volkswagen at its network of petrol stations.

Up to 4,000 charge points are planned within 24 months in Germany and the U.K., and the rest in other European countries by the end of 2024.

The chargers will have a capacity of about 150 kilowatts (kW) and can deliver about 100 miles after just over 10 minutes of charging.

&ldquo;Our flexible battery-based chargers can be installed rapidly in bp&#39;s locations, as they do not require high power grid connections,&rdquo; the German automaker said.

See Also: <a href="https://www.benzinga.com/news/22/03/26389674/tesla-said-to-be-opening-up-supercharging-network-to-all-ev-owners-in-uk-soon" style="text-decoration:none">Tesla Said To Be Opening Up Supercharging Network To All EV Owners In UK Soon</a>

The network will be available to other EV owners as well, the companies said in a statement.

Rival&nbsp;Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has been opening up its supercharger network to all EVs since November last year.

Why It Matters: Volkswagen is stepping up its EV game in Europe as&nbsp;Tesla&nbsp;starts local production in Germany, a move that will boost its market share significantly.&nbsp;

See Also: <a href="https://www.benzinga.com/news/22/04/26659824/teslas-giga-berlin-is-just-over-120-miles-from-volkswagens-plant-but-ceo-diess-isnt-worried" style="text-decoration:none">Tesla&#39;s Giga Berlin Is Just Over 120 Miles From Volkswagen&#39;s Plant &mdash; But CEO Diess Isn&#39;t Worried</a>

The Elon Musk-led company&rsquo;s gigafactory is just about 200 km&nbsp;(124 miles) from Volkswagen&#39;s home turf and is expected to produce half a million vehicles a year once fully ramped up.

Price Action: VWAGY closed 1.8% higher at $22 on Thursday.

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