BP's Joint Venture Jio-bp Expands EV Charging Network
BP plc’s BP Indian fuel and mobility joint venture — Jio-bp — operating under the brand name Jio-bp Pulse, added more than 1000 public charging stations during fiscal 2022-23. This has brought the company’s network strength to 1,400+ across eight cities and major highways. This growth is likely to continue during fiscal 2023-2024 as well.
The electric vehicle (EV) shift in India is being spearheaded by Jio-bp. In order to build a strong public EV charging infrastructure and battery swapping network, Jio-bp is collaborating with a number of players from the automobile sector, real estate and mall developers, e-commerce players, fleet operators, corporates and other significant establishments.
Seven of the largest charging hubs in the country (each with more than 100 charge stations) are included in the venture, with several other hubs under construction. Additionally, facilities were established in workplaces, public parking lots, shopping malls and neighborhoods.
Jio-bp's electric car charging service earned the elite Golden Peacock Innovative Product Service Award 2023. The joint venture teamed with several partners from different industries to make EV charging and swapping infrastructure more accessible.
Jio-bp has also inked a Memorandum of Understanding with the Mahindra Group to examine the development of EV products and services, as well as discover synergies in low-carbon and conventional fuels. It has entered the CNG retailing market as part of its mission to provide low-carbon solutions.
Zacks Rank & Key Picks
BP currently carries a Zack Rank #5 (Strong Sell).
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