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BP plc (NYSE:BP) and Tesla Inc (NASDAQ:TSLA) shares are moving in different directions Thursday. New reports indicate BP’s electric vehicle charging unit is aggressively looking to buy Tesla supercharging sites, which would include the workers at the locations.
What To Know: BP is “aggressively looking to acquire real estate” to scale up its charging network with “heightened focus” following recent layoffs from Tesla, according to Bloomberg.
BP reportedly plans to spend $1 billion by 2030 to install more than 3,000 charging locations across the U.S. The company plans to spend about $500 million of the $1 billion over the next two to three years.
"If there are stranded real estate partners who are looking for someone to call, they should feel free to pick up the phone and call me or look me up on LinkedIn," Sujay Sharma, CEO of BP Pulse Americas, reportedly said in an interview with Bloomberg.
The report indicated BP’s strategy involves building high-capacity charging locations with 12 or more charging stations each, which it would call, “Gigahubs.”
The news came about a week after Tesla CEO Elon Musk fired 500 employees responsible for expanding the company’s Supercharger network as part of Tesla’s previously announced 10% global workforce reduction.
According to Bloomberg, Tesla currently accounts for about 74% of all high-speed EV chargers in North America. The company’s chargers are consistently higher rated than competitors, which gives companies like BP a strong incentive to try to take over some of the charging stations and keep existing employees on board.
"We are actively seeking good talent and real estate opportunities that allow us to help grow, despite whatever else is going on around us," Sharma reportedly told Bloomberg.
BP signed a deal with Tesla last year allowing the company to obtain about $100 million of Tesla supercharger hardware. Deployment is set to begin later this year or early in 2025.
BP, TSLA Price Action: At market close Thursday, BP shares were up 1.36% at $38.04, while Tesla shares were down 1.57% at $171.97, per Benzinga Pro.
See Also: Tesla Cuts More Jobs In China As Competition Heats Up
Photo: Courtesy of Tesla.
