Gulf Oil Lubricant aims to become leader in electric vehicle charging ecosystem

Mike Jones, Global CEO, Gulf Oil International says there will be a turning point in the auto industry where electric vehicles (EV) become dominant, and the company is preparing for the transition.

Gulf Oil International is the parent of Gulf Oil Lubricants, a listed company in India.

Speaking to CNBC-TV18, Jones highlighted the role of infrastructure in driving EV adoption.

“The adoption of electric vehicles is actually a lot depending on not just in terms of what we do, but the overall infrastructure that we are very keen to be pioneers in this industry. We saw in Europe that the sale of electric vehicles has started to slow down a little. So a lot of it will depend on government policy, the way in terms that we roll out our business. But for sure, there will be a turning point where electric vehicles will be dominant, and we have to be ready for that,” he said.

He said the company is putting all effort to be the pioneer in the EV industry.

Gulf Oil Lubricants India recently acquired a controlling stake in Tirex Transmission for ₹103 crore. This move aims to strengthen Gulf Oil's presence in the EV segment.

Jones noted, “We are investing in the future so we don't close our eyes to the electric vehicle, which is on its way, in fact, we welcome it. And so we have made some significant investments in the electric vehicle space.”

The company is spending about $3 to $4 million each year on this.

Discussing the market dynamics, Jones noted in the UK for home charges, the company have a market share of around about 12%.

Gulf Oil is still in the initial stages of expanding its EV business in India, with a current focus on B2B sectors such as bus fleets and last-mile delivery vehicles.

Jones discussed growth prospects, noting that in India, where the market typically grows by 2 to 3%, Gulf Oil has been growing two to three times faster.

While Europe's market remains relatively stagnant, signs of recovery are emerging in regions like China. Despite this, Gulf Oil is witnessing substantial growth in Latin America and the Middle East, generating genuine excitement about future opportunities.

Gulf Oil Lubricants India, a Mumbai-based compnay has a market capitalisation of ₹4,339.61 crore, and has seen its shares gain 120% over the last year.