By 2040, All New Passenger Cars Will Be Electric..

ExxonMobil believe that electric vehicles are the future, in this way the oil giant is anticipating that by 2040, each new passenger vehicle sold on the planet will be electric. The organization’s CEO Darren Woods has revealed in an interview.

In 2021, only 9% of all passenger vehicle sales were electric vehicles, including plug-for mixtures, as per statistical surveying organization Canalys. That number is up 109% from 2020, as per Canalys.

Considering its modelling, Woods said Exxon Mobil is assessing what the decrease in gas sales could mean for its business. Exxon Mobil is one of the largest publicly traded international gas companies and a leader in the industry. Its website boasts that it is the largest “refiner and marketer of petroleum products,” as well as a chemicals company.

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Woods, who spent a part of his career on the chemical side of the company’s operations, says chemicals will be key to keeping the company profitable during the clean energy transition. The plastics that Exxon Mobil produces can be used in the manufacturing of electric vehicles.

ExxonMobil’s estimations anticipated that the demand for oil in 2040 would be comparable to what the world required in 2013 or 2014.