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

Volkswagen Group 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 BPAQF.

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.

“Our flexible battery-based chargers can be installed rapidly in bp's locations, as they do not require high power grid connections,” the German automaker said.

See Also: Tesla Said To Be Opening Up Supercharging Network To All EV Owners In UK Soon

The network will be available to other EV owners as well, the companies said in a statement.

Rival Tesla Inc TSLA 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 Tesla starts local production in Germany, a move that will boost its market share significantly. 

See Also: Tesla's Giga Berlin Is Just Over 120 Miles From Volkswagen's Plant — But CEO Diess Isn't Worried

The Elon Musk-led company’s gigafactory is just about 200 km (124 miles) from Volkswagen'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.