BP to pay $100 million for Tesla ultra-fast charging hardware

BP Plc
BP,
-0.87%

BP,
-0.47%
announced Thursday a deal in which it will pay Tesla Inc.
TSLA,
-1.35%
$100 million for ultra-fast charging hardware units. The deal will help BP Pulse, the U.K.-based oil giant’s electric vehicle charging network, expand its U.S. network. BP noted that the deal marks the first time the Tesla charging hardware will be bought for an independent EV charging network. The rollout of the new hardware is expected to begin in 2024. Tesla’s stock slipped 0.8% in premarket trading toward a five-month low and BP’s U.S.-listed shares shed 1.1%, while futures
ES00,
-0.52%
for the S&P 500
SPX,
-0.68%
lost 0.3%.