The FTSE 100-listed BT Group PLC (GB:BT.A) will unveil its first roadside electric vehicle (EV) charging station, converted from existing street cabinets used for broadband and phone cabling. The first cabinet is set to be installed in East Lothian, Scotland, this month. The move is aimed at addressing the UK’s EV charging deficit.
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BT Group is among the world’s leading telecommunications companies, offering fixed-line, mobile, and broadband services in the UK and other countries.
Addressing the UK’s EV Charging Shortage
BT Group launched this project through its digital unit, Etc., in July 2023 to support the UK’s EV charging shortage. A recently conducted research by the company revealed that 60% of people think the UK’s EV charging infrastructure is “inadequate.” Also, the charging shortage remains a significant deterrent for 78% of the respondents to consider switching to EVs from petrol and diesel vehicles.
As part of its UK trial, Etc plans to establish about 500 to 600 EV charging units across the UK over the next 18 months. The company aims to upgrade up to 60,000 cabinets if this pilot proves successful.
Currently, the cabinets are fitted with a device that allows EV charging and is shared with the existing broadband services. However, after the cabinet is not needed for broadband, it would be able to accommodate additional EV charge points.
The project is also intended to support the country’s goal of net zero and other sustainability targets. As part of this goal, the UK government intends to solve the challenges in the EV market. In 2022, the government set an ambitious target of deploying 300,000 public chargers by 2030.
What is the Future Price of BT Stock?
According to TipRanks consensus, BT.A stock has received a Moderate Buy rating based on two Buys and one Hold recommendation. The BT Group share price target is 213.33p, reflecting a 76% increase from the current trading level.
