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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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Shell: EV Demand To Grow Regardless Of Oil Prices

Oil supermajor Shell sees electric vehicle (EV) enthusiasts buying into the ‘cool factor’ of zero emission vehicles, driving EVs fleet growth regardless of the oil price fluctuations, the head of Shell’s global retail business, Istvan Kapitany, told Bloomberg in an interview published on Tuesday.

“They get a joy out of it, they feel passionate about it, they think it’s a great driving experience,” Shell’s executive said, noting that EV enthusiasts are emphasizing the social desirability of zero-emission fun-driving-experience cars—a factor important enough to ignore the fact that EVs are currently more expensive than vehicles with internal combustion engines (ICEs).

“Customers don’t always make rational decisions -- if it weren’t like that, it would be very difficult to sell sports cars,” Kapitany told Bloomberg.

Shell’s executive is not the first top manager at a Big Oil firm to say that customers’ passion to own EVs could be a big driver for EV fleet growth.

As early as in 2016, BP’s group chief economist Spencer Dale said that the ‘cool’ EV factor could lead to faster penetration of zero-emission vehicles.

“Suppose people buy electric cars, even if they are more expensive, because they like what the car says about them: how modern they are; their responsibility to the planet. Because they’re cool. Economists don’t do cool, but it can be a huge factor in how quickly some new technologies are adopted,” Dale said two years ago.

Over the past two years, both BP and Shell have been busy making deals with EV charging networks. Last year, Shell bought NewMotion, one of Europe’s largest electric vehicle charging providers. Less than a month before that, Shell had announced an agreement with high-powered charging network operator IONITY—a joint venture between BMW, Daimler, Ford, and the Volkswagen Group with Audi and Porsche—to offer charge points across ten European countries.

BP said in June this year that it would buy the UK’s largest EV charging company Chargemaster in one of the latest deals of a major oil company venturing into EV charging networks.

According to Wood Mackenzie, EVs will become competitive on commercial terms with ICE vehicles by 2027.

By Tsvetana Paraskova for Oilprice.com

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  • EHLipton on November 27 2018 said:
    Hooray for; E.M., EV and of course, phone home, ET!:-)
    Why isn't the giants taking any notes from there notes? The next big COOL thing will be; " Mark my words on this" if I only had not married that woman,, earI'd have money too search and invest,, the hover Craft EV! Elon Musk most likely will be first. But you can bet,, there coming! Should have had the marriage anolled the next morning instead of arguing and fighting to keep it together for 8yrs only to be broke and then served , I WAS a much better and wealthier fun lover single.
  • D Evan Bedford on November 27 2018 said:
    Not only cool, but fast. My last speeding ticket was in 1976, but I'm expecting my second one any day now. :)
  • Jhm on November 27 2018 said:
    EV fans have known this for years. Nice to see Shell and BP finally start to catch on.

    Somebody wants a Model 3. Why fight it?
  • Peter Robert Breedveld on November 28 2018 said:
    Electric cars are a fad with no real future.
  • David Allen on November 28 2018 said:
    Yes, all the cool, irrational kidz are wanting to breath clean air these days.

    Go figure.

    "EVs will become competitive on commercial terms with ICE vehicles by 2027"

    Try 2022.
  • Devin J Lipton on November 28 2018 said:
    EVs are great for the coal industry! Burn that coal to make that juice for my EV.
  • EHLipton on December 10 2018 said:
    Think the name is Devon, Devin Lipton; oh well. Point is; like so many nay sayers,, even Saudi Arabian countries are building trillo Watt solar farms to handle demands. Not kilo or megawatts, TRILLO! And yes,, they studied here in the States and China. They know how too address storage a nd transferable transmission. Sometimes people like the old whalers, find it more comfortably SECURE to stay with the sinking ship rather than risk the swim to awaiting life raft's. Go figure. I am glad some of them jumped to join the fossil fuel Hunter's though, "we might not have had anymore whale's left if they hadn't" now it's time once again to change,,, lest we have any water to drink or clean air to breath.
  • EHLipton on December 10 2018 said:
    Think the name is Devon, Devin Lipton; oh well. Point is; like so many nay sayers,, even Saudi Arabian countries are building trillo Watt solar farms to handle demands. Not kilo or megawatts, TRILLO! And yes,, they studied here in the States and China. They know how too address storage a nd transferable transmission. Sometimes people like the old whalers, find it more comfortably SECURE to stay with the sinking ship rather than risk the swim to awaiting life raft's. Go figure. I am glad some of them jumped to join the fossil fuel Hunter's though, "we might not have had anymore whale's left if they hadn't" now it's time once again to change,,, lest we have any water to drink or clean air to breath. There are going to be; costs for anything,, True, but insanity is, doing the same thing over and over expecting a different result. If one is honest with him or herself, you can't deny the negative effects oil and coal has had on the planet and us. Wars unfunded alone for the Bean counter's should be enough,, let alone the casualties, landfills brimming with plastic bags and the ones that don't make it there, in our view on every road, side road, tree or bush. Even in our Oceans. Air worse than any low class Bar or restaurant I use to frequent that allowed smoking. Water, you now have treated, has to be run through an R.O. system to remove not just heavy metals, but along with those, the minerals your body needs as well in the process. Either that or you spend your money buying gas to buy good drinking water at a store. Or end up sick, with cancer or something else and spend more trying to get well. Its more than a fad, a money market maneuver,, its your descendants very survival.

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