Exclusive-BP's EV charging arm cuts jobs, reduces global ambitions [Yahoo! Finance]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: Yahoo! Finance
By Ron Bousso LONDON (Reuters) - BP has cut over a tenth of the workforce in its electric vehicle charging business and pulled it out of several markets after a bet on rapid growth in commercial EV fleets didn't pay off, company sources said. The changes at BP Pulse are part of CEO Murray Auchincloss's efforts to focus on the British company's most profitable segments as it battles investor doubts over its plan to shift away from oil and gas to low-carbon energy. BP Pulse reduced the number of countries it operates in from 12 to four in recent months, focusing now on the United States, Britain, Germany and China, where it expects the fastest growth in the EV market, BP told Reuters. As a result, the division axed over 100 jobs in recent months, or over 10% of its global workforce of 900, with many employees being moved into other divisions and only a handful leaving the company, the sources said. BP did not comment on the exact numbers of jobs that were cut. The move come
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BP
Earnings
- 2/7/24 - Miss
BP
Sec Filings
- 4/25/24 - Form 6-K
- 4/18/24 - Form 6-K
- 4/9/24 - Form 6-K
- BP's page on the SEC website