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The EV Charging Business of Utility Giant Engie Is Bleeding Cash

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Charging,Energy,Engie

The electric vehicle charging business of Utility giant Engie booked another loss for the first quarter of this year and is expected to record a loss next year too.

EV Box, the electric vehicle charging business of French utility giant Engie, booked another loss for the first quarter of this year, following a loss for full-year 2023, and is expected to record a loss in 2025, too, executives said on Friday. Engie reported on Friday lower group pre-tax earnings for the first quarter, due to a decline in natural gas prices and consumption. Excluding nuclear, Engie’s earnings before interest and tax EBIT fell by 3.

Engie has struggled to find a buyer for the loss-making EV charging business, which it acquired in 2017. “Due to losses at EV Box, as well as the lack of success thus far from our measures to identify a potential buyer for this company, the Group is actively examining all options that could lead to disengage, in accordance with local regulations,” Engie said in its Q1 earnings release today.

 

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