A massive gas station is now closing 1,000 locations, confirming it will shift its resources to provide EV charging stations.
Shell, the second-largest gas station chain in the U.S. by location count, has announced its intention to close 1,000 gas pumps as part of a major transition to electric vehicle (EV) charging.
This strategic move aims to position Shell competitively against emerging Level 3 charging brands.
The company outlined its plans in its 2024 Energy Transition Strategy, indicating it will close 500 gas stations in 2024 and another 500 in 2025.
With approximately 14,000 Shell gas stations across 49 states, this shift reflects a significant change in the company’s approach to energy.
Since 2007, Shell has moved away from owning its nationwide fleet, opting instead to license stores to franchisees.
However, in recent years, the company has begun repurchasing several hundred locations, particularly in Texas and New Mexico, investing $2.3 billion in construction projects for non-energy ventures, including convenience stores.
Shell’s goal is to electrify its company-owned stations as part of a broader commitment to clean energy and reducing carbon emissions, responding to evolving customer preferences.
Executives believe Shell’s extensive network positions it well to compete in the growing EV market.
In a recent financial report, the company emphasized its competitive advantages, such as offering customers food and beverages while they charge their vehicles.
Currently, Shell operates around 4,000 EV charging plugs in the U.S., and the electric vehicle market has seen significant growth in 2024, with brands like Hyundai, Ford, Lucid, and Rivian reporting record sales of all-electric cars.
However, Tesla has fallen short of sales expectations this year, leading other automakers like Ford, GM, Volkswagen, and Volvo to reassess their all-electric strategies.
In a statement to the U.S. Sun, Shell expressed its commitment to “paced growth in key markets,” focusing on expanding its retail operations and charging infrastructure as part of its transition to a more sustainable energy model.
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Also Read: A Struggling Gas Station Chain Now Files An Unexpected Bankruptcy
Other Economy News Today
A massive rental company with 34k locations now shuts down its operations after filing for bankruptcy and 22 years in business.
Users of movie rental company Redbox were left saddened after it was announced that it would be shutting down operations.
The announcement comes after the rental company’s parent company, Chicken Soup for the Soul Entertainment, filed for Chapter 11 bankruptcy.
According to court documents obtained by the Washington Post, the Connecticut-based company claimed to be one billion dollars in debt.
As a result, Redbox, which was a staple of many grocery stores including Walgreens, and CVS will be shuttered.
Many fans took to social media to express how upset they were with the loss.
“I knew it was coming, sadly,” UltraVada wrote in a post on X, formerly Twitter.
“It was inevitable,” a second person mourned.
“I knew this would happen when I heard they filed for Bankruptcy but its still sad to hear. I have a lot of fun memories of Redbox,” a third person lamented.
“I still don’t think this will be or ever be the end of physical media as we do still get remasters of some movies in 4k/Bluray.”
One person revealed that they had forgotten the rental service had existed.
Some users were not surprised by the announcement.
“Not surprised since nobody really rents videos anymore with the rise of streaming and what not,” one user admitted.
“Also kinda remember getting into a feud with them on here.”
One user also pointed out that the last remaining Blockbuster, located in Bend, Oregon, managed to outlive Redbox.
Redbox was acquired by Chicken Soup for the Soul Entertainment (CSSE) in 2022 and became one of the company’s flagship video-on-demand streaming services.
At its peak, CSSE operated more than 20,000 DVD rental kiosks across the country.
The company’s filing means that the company’s more than 1,000 employees will be laid off, per The Wall Street Journal.
It was also reported by Deadline that many employees at CSSE hadn’t received their paychecks and had medical benefits cut in late June.
Also Read: This Massive Mall Retailer Is Now Closing In California
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