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BP share price: Oil major backs Chinese electric vehicle charging platform

BP (LON:BP) has invested in a Chinese electric vehicle charging platform, the blue-chip oil major has said. The move marks the first investment of BP’s venture capital arm in the country.

BP’s share price has been steady in London in today’s session, having climbed 0.21 percent higher to 513.00p as of 10:45 GMT. The stock is marginally underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.35 percent higher at 6,842.68 points. The group’s shares have lost less than one percent of their value over the past year, as compared with about a 10.2-percent dip in the Footsie.

BP backs China’s PowerShare

The London-listed oil group announced in a statement yesterday that that its venturing business, BP Ventures, had invested in PowerShare, an integrated hardware and software solutions provider for electric vehicle (EV) charging in China. The Financial Times noted in its coverage of the news that the FTSE 100 group’s investment amounts to between $1 million and $5 million.

“China is the world’s largest EV market and a key market for BP as we seek to expand our advanced mobility offer,” Lamar McKay, BP Deputy Chief Executive, commented in the statement.

Analysts on FTSE 100 group

Credit Suisse, which is ‘outperform’ on BP, lowered its price target on the shares from 650p to 640p this week, while Deutsche Bank continues to see the oil major as a ‘buy,’ valuing the stock at 590p. According to MarketBeat, the blue-chip group currently has a consensus ‘buy’ rating and an average price target of 645.83p.

Last week, BP and Italy’s Eni signed a heads of agreement with the Ministry of Oil and Gas of the Sultanate of Oman to work jointly towards a significant new exploration opportunity in the country.

As of 10:49 GMT, Friday, 25 January, BP plc share price is 513.00p.

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