Here's How This Oil Giant Is Preparing For An Electric-Vehicle Future
Royal Dutch Shell (RDSA), along with a joint venture of top auto brands, will start offering charging stations in 10 European countries, the oil company announced Monday.
XAutoplay: On | Off Shell has teamed up with IONITY, a joint venture made up of BMW Group, Daimler AG, Ford Motor (F) and Volkswagen (VLKAY). The deal will include charging stations on 80 highway sites in Belgium, Britain, France, the Netherlands, Austria, the Czech Republic, Hungary, Poland, Slovakia and Slovenia, beginning in 2019.
Shell shares closed down 0.9% at 61.85 on the stock market today. Ford rose 0.1% to 12.11. Volkswagen’s U.S.-listed shares dipped 0.5% to 40.25.
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Shell’s not alone in building charging stations in Europe. Tesla (TSLA) is building its largest European Supercharger station, complete with 42-stalls, in Norway as it looks to expand coverage in Europe.
But as oil companies prepare for a future with less oil, Shell announced earlier this month that it bought New Motion, which has over 30,000 electric charging stations in the Netherlands, Germany, France and the U.K.
The U.K. and France said they would stop sales of diesel- and gasoline-fueled cars by 2040 as part of the Paris climate accord, and Shell’s executives are already jumping aboard the electric car trend.
In October, Shell’s CEO Ben van Beurden bought a plug-in Mercedes-Benz S500e, and Chief Financial Officer Jessica Uhl drives a BMW i3 electric car.