BP (NYSE: BP) Invests $100 Million in Electric Cars

Jeff Siegel

Written By Jeff Siegel

Posted October 30, 2023

Last week, the International Energy Agency (IEA), released a new report indicating that world fossil fuel demand is set to peak by 2030.

Here are some highlights of that report: 

  • The share of coal, oil and natural gas in global energy supply – stuck for decades around 80% – starts to edge downwards and reaches 73% by 2030.

  • As a result of the Inflation Reduction Act in the United States, it is now projected that 50% of new US car registrations will be electric in 2030. Two years ago, it was 12%.

  • Sales of cars and two/three-wheel vehicles with internal combustion engines are well below where they were before the Covid-19 pandemic.

  • In the electricity sector, worldwide additions of coal- and natural gas-fired power plants have halved, at least, from earlier peaks. 

  • Renewables are set to contribute 80% of new power capacity to 2030 in the STEPS, with solar PV alone accounting for more than half. 

  • Until this year, meeting projected demand implied an increase in oil and gas investment over the course of this decade, but a stronger clean energy outlook and lower projected fossil fuel demand means this is no longer the case.

Interestingly, this report came out shortly before this news …


BP (NYSE: BP), the fourth-largest investor-owned oil company in the world by revenue, will be selling “fuel” for electric cars, just as it sells fuel for internal combustion vehicles. 

And while $100M isn’t much for a company like BP, it’s another positive indicator for the electric vehicle market.  

Of course, one day, charging stations won’t even be necessary. 

Because eventually, electric cars will be powered by solar.

I’m serious. 

And if you don’t believe it, consider the Aptera – a new electric car coming to market next year that can be powered by solar panels embedded into the vehicle itself or by electricity from an EV charger. 

Combined, this electric car can travel 1,000 miles before having to stop.

You can’t even do that with an internal combustion vehicle. 

But what makes this particularly exciting is the tech company providing the solar panels used to power this car.

Traditional solar panels are not powerful or durable enough to power a 2-ton vehicle. 

But the solar panels powering the new Aptera electric car are powerful and durable enough. So much, in fact, that the company making them is now the hottest solar stock in the marketplace.

The company did $1.06 billion in revenue last year, and is now on track to deliver $1.26 billion in revenue this year.

It’s no secret that all the major electric car makers are looking to integrate solar into their vehicles. GM, Hyundai, Stellantis, Ford, and even Tesla.

But at the moment, there’s only one company that can produce solar panels specifically designed to power the next generation of electric cars.

And that’s exactly what they’re doing.

I wrote about this company in a recent investment note, which you can access here.

To a new way of life and a new generation of wealth…

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Jeff Siegel

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Jeff is the founder and managing editor of Green Chip Stocks. For more on Jeff, go to his editor’s page.

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