Switching on the Revolution: New Report From Castrol and bp pulse Explores Global Readiness for Transition to Electric Vehicles

Rhea-AI Summary

The new study from Castrol and bp pulse titled Switching ON the rEVolution reveals insights on the transition from internal combustion engine (ICE) vehicles to electric vehicles (EV). Conducted with 100 automotive executives and 10,000 global consumers, key findings include that 97% of executives believe their organizations will meet the phase-out target for ICE vehicles, while 66% prioritize this transition. Among consumers who already own EVs, 99% would choose an EV for their next purchase. This highlights a significant industry shift towards electrification.

Positive

• 97% of automotive executives are confident in meeting ICE phase-out targets.
• 66% consider the transition to EVs as their top strategic priority.
• 99% of EV owners would consider purchasing another EV.

Negative

• None.

WAYNE, N.J.--(BUSINESS WIRE)-- Castrol and bp pulse’s new study: Switching ON the rEVolution: The road to EV readiness for markets, carmakers and consumers explores opinions from automotive executives and consumers regarding the switch from internal combustion engine (ICE) vehicles to electric vehicles (EV).

The research, which surveyed 100 automotive executives and 10,000 consumers globally, shares key findings from automotive executives.

• 97% of the executives surveyed are confident that their organization will hit targeted dates for phasing out ICE vehicles.
• Almost two-thirds (66%) of global automotive executives stated that the transition is the number one strategic priority for their organization.
• Among global consumers in the report who have already made the switch to EVs, 99% would consider an EV for their next vehicle purchase.

^#Automotive executives working for EV-only carmakers are excluded from these figures

Nicola Buck, SVP Marketing bp and CMO Castrol said:

“It’s an exciting time for the automotive industry and we are committed to working with our industry partners to help bring forward the next generation of technologies and help accelerate the transition to EVs. The world of transport is going electric and products such as Castrol ON EV Fluids and bp pulse charging solutions will have an important role to play.”

Switching ON the rEVolution

Castrol is committed to working with industry partners to accelerate the transition, helping to switch on an electric future. Castrol ON EV Fluids aim to bring the industry closer to overcoming the challenges faced by helping EVs go further¹, charge faster² and last longer³*. bp pulse is committed to helping make the switch to EV easier by building a public charging network and reliable charging products and services, that is fast, simple to use and totally seamless.

For more information and to read the full study please visit: castrol.com/EVreport

*Castrol EV Fluids benefits are demonstrated in bespoke testing and development. ¹vs mass market EV factory fill fluid ²vs indirect cooled battery system ³vs standard EV-transmission fluid

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Notes to editor:

Switching ON the rEVolution: The road to EV readiness for markets, carmakers and consumers, is a global opinion research study amongst 10,000 consumers and 100 leaders from car manufacturers (C-Suite level executives), exploring levels of readiness for the switch from internal combustion engine (ICE) vehicles to electric vehicles (EVs). It was conducted from November to December 2021 in 10 key markets: ANZ (Australia and New Zealand), China, France, Germany, India, Japan, Nordics (Sweden, Norway, Finland and Denmark), Turkey, UK and the US.

To download the full study visit: www.castrol.com/EVreport

About Castrol:

Castrol, one of the world’s leading lubricant brands, has a proud heritage of innovation and fueling the dreams of pioneers. Our passion for performance, combined with a philosophy of working in partnership, has enabled Castrol to develop lubricants and greases that have been at the heart of numerous technological feats on land, air, sea and space for over 100 years.

Today, Castrol is helping drive sustainability with our new strategy that sets out aims for 2030 to save waste, reduce carbon and improve lives. Castrol is part of the BP group and serves customers and consumers in the automotive, marine, industrial and energy sectors. Our branded products are recognized globally for innovation and high performance through our commitment to premium quality and cutting-edge technology.

To find out more about Castrol please visit www.castrol.com or contact uspress@bp.com.

About bp pulse:

Electrification is at the heart of bp’s convenience and mobility strategy, and the company aims to grow its network of public EV charging points by 2030 to over 100,000 worldwide. We currently have around 13,000 charging points globally across key markets in China, Netherlands, Germany, UK, USA and India. We already have a number of scaling businesses and operating partnerships in the charging domain. These include bp pulse UK, Aral pulse in Germany, Xiaoju in China and Jio-bp pulse in India. In 2021, bp pulse acquired AMPLY Power an electric vehicle (EV) charging and energy management provider for fleets that operate trucks, transit and school buses, vans and light-duty vehicles in the US.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220907005377/en/

uspress@bp.com

Source: Castrol

FAQ

What is the key finding of the Castrol and bp pulse study regarding EV transition?

The study found that 97% of automotive executives are confident their organizations will meet targets for phasing out internal combustion engine vehicles.

How many automotive executives were surveyed in the Castrol and bp pulse study?

The study surveyed 100 automotive executives globally.

What percentage of global consumers would consider an EV for their next vehicle purchase?

According to the study, 99% of consumers who switched to EVs would consider purchasing another EV.

What is the main strategic priority for automotive executives according to the study?

Almost two-thirds (66%) of executives stated that the transition to electric vehicles is their number one strategic priority.

Where can I read the full Castrol and bp pulse EV transition study?

The full study can be accessed at castrol.com/EVreport.