Hyperdrive
Big Oil, Utilities are Lining Up for an Electric Vehicle War
- BP and Shell have bought electric-car charging companies
- Power utilities are boosting sales to homes, chargers on roads
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A red-hot electric vehicle market has triggered a face-off between Big Oil and utilities.
Oil majors, who’ve sold fossil fuels to cars for a century, are now moving into an electricity sector that’s preparing for exponential growth. The problem is that utilities, the primary power suppliers for a century, have the same idea.