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Rakuten slice tracking9/12/2023 ![]() The French mineral oil company revealed that it plans to sell its entire service station network in Germany and the Netherlands to Couche-Tard mainly due to the planned phasing out of internal combustion engines in Europe. On Thursday, TotalEnergies SE (NYSE:TTE) announced that it was selling nearly 2,000 gas stations in Europe to Canadian convenience-store company Alimentation Couche-Tard (TSX:ATD:CA) (OTCPK:ANCTF) for €3.1 billion ($3.3 billion). To wit, giant oil and gas companies are investing heavily in EV charging stations and ditching their sprawling gas station empires. While that slice of the market might not seem like much in the grand scheme of things, another alarming trend for legacy ICE vehicle makers like Ford Motor Co., Mercedes-Benz Group AG and BMW is that their total vehicle sales declined despite EV sales more than doubling.Īnd now Big Oil has read the writing on the wall, and is making the necessary adjustments to face the new reality. Last year, the electric vehicle sector crossed a global milestone, with one out of ten vehicles sold being electric for the first time ever. ![]()
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