In key news on UK stocks, BP PLC (GB:BP) is reportedly eyeing expanding its charging unit network in the U.S. after the EV giant Tesla (NASDAQ:TSLA) shook up its Supercharger team. According to a Reuters report, the company is actively seeking locations to expand its network, a move that is gaining attention in light of Tesla’s announcement. The company has emphasized its focus on the Northeast, the Sun Belt, the West Coast, and the Great Lakes region as priority areas for expansion.
BP is a multinational energy company that also provides high-speed charging points to customers through BP Pulse.
BP Aims for Tesla’s Domain
Earlier this month, Tesla announced the layoff of a significant portion of its Supercharger team in the U.S., signaling a shift towards a slower expansion of the EV charging network. This presented an attractive opportunity for Tesla’s rivals, like BP, to snap up the fired employees.
Additionally, this situation could create an opportunity for other EV fast-charging networks, like EVgo (NASDAQ:EVGO) and ChargePoint Holdings (NYSE:CHPT), to expand their market share.
Overall, BP plans to roll out more than 100,000 charging points globally by 2030. Also, it intends to invest $1 billion in EV charging in the U.S. by 2030. Half of this is earmarked for deployment within the next two to three years, which will facilitate the installation of over 3,000 charging points across the U.S.
As part of this expansion, BP Pulse signed an agreement with Tesla in October 2023 for $100 million worth of Supercharger hardware. The chargers are expected to roll out later this year and in early 2025.
Is BP Stock a Good Buy?
According to TipRanks consensus, BP stock has received a Moderate Buy rating based on eight Buys, one Hold, and one Sell recommendation from analysts. The BP share price forecast is 640p, which implies an upside of 26% at the current trading level.
