BP faces $2bn hit from switch to electric cars

BP faces $2bn hit from switch to electric cars

BP’s decision to scale back its oil production operations in Germany contributed to a $2bn (£1.56bn) writedown last quarter, as the energy giant reacts to the growing shift to electric cars. In a trading statement issued on Tuesday, the company signalled charges relating to its refinery in Gelsenkirchen, which is responsible for turning oil into petrol and diesel. The impairment reflects the impact of net zero on oil and gas giants, as they scale back production in response to the …