Oil Giant and Vespa Piaggio Group Announce Partnership

London based British BP oil with operations in more than 70 countries teams up with Europe’s largest scooter and motorcycle builder to develop EV charging stations, vehicle leasing, and battery swap services in multiple markets.

The memorandum of understanding between BP and Vespa’s parent company Piaggio Group will develop a broad set of services for the rapidly growing number of two- and three-wheeled electric vehicles across Europe, India, and Asia.

The approximately 250 million electric motorbikes, motor scooters, and compact commercial vehicles make up the most highly electrified vehicle class globally. By 2040 the proportion of sales could rise to over 80 percent of the market, with the number of electric two and three-wheelers reaching 750 million globally.

The companies provided no details about the scope of their plans. Still, the collaboration is part of BP’s strategy to reduce emissions to net zero by 2050 with investment in renewables and to adapt its existing gasoline stations, which consume the amount of the 3 million barrels of oil per day.

“In the context of the Paris Climate Agreement and the transition to electromobility, the founding members of the Consortium believe that the availability of a standardized swappable battery system would both promote the widespread use of light electric vehicles and contribute to a more sustainable life-cycle management of batteries used in the transport sector.”

Piaggio Group Press Release March 01, 2021.

Piaggio’s collaboration with the fossil fuel industry behemoth is an excellent match—a win-win for riders and the environment.

If successful, BP will engage in and adapt to a changing global policy and investment landscape while also evolving in ways that contribute to and speed up efforts to decarbonize the energy system.

Electric vehicle riders would benefit from the freedom to travel the world with the possibility to charge or swap the battery along with a breath of fresh air at any of the 18,700 BP service stations across the globe.

Questions remain on how the memorandum of understanding will impact Honda, KTM, Piaggio, and Yamaha’s letter of intent to establish a standardized swappable EV battery system.