Shell CEO Savan: the demand for electric vehicles in China is strong, and the company will increase investment in charging stations.

CTOnews.com, June 15, Ouaerel Savan, CEO of the multinational oil company Shell, recently revealed in an interview with the US Consumer News and Business Channel (CNBC) that Shell will "further increase its investment" in electric vehicle charging stations, especially in Asia.

Shell will reportedly invest between $10 billion and $15 billion in low-carbon technologies, including biofuels, hydrogen, electric vehicle charging and carbon capture (carbon capture), between 2023 and 2025, while Shell made profits of more than $42 billion in 2022.

Savan, the official website of ▲ Tuyuan Shell, said that electric vehicles have "significantly infiltrated" (significant penetration) in China. "in fact, our electric vehicle charging customers are twice as many as fuel vehicle users." Demand for public charging infrastructure is particularly high in China because of Chinese customers' growing preference for electric cars.

Savan also said that many residents who buy electric cars in China and other Asian countries live in high-rise buildings rather than houses where personal charging piles can be installed.

The second area of Shell's low-carbon investment is biofuels, which are made from organic waste and then mixed with gasoline. Savan said regulatory pressures in many parts of the world were driving demand for biofuels.

▲ Touyuan Weibo CTOnews.com, a BYD commercial vehicle, reported that BYD signed a global strategic cooperation agreement with Shell in March last year. The two sides will first start cooperation in China and Europe, and plan to expand this cooperation to the whole world. BYD and Shell also plan to form a joint venture to develop a charging network for electric vehicles in China. The joint venture is expected to operate more than 10,000 electric vehicle charging terminals in Shenzhen and has plans to expand to other Chinese cities in the future.