By 2040, all new cars should be electric

Exxon Mobil also sees the future in electric vehicles.

The oil giant predicts that by 2040 every new passenger car sold in the world will be electric, CEO Darren Woods said in an interview with CNBC’s David Faber. According to market research company Canalys, only 9% of all car sales in 2021 were electric vehicles, including plug-in hybrids. That number is up 109% from 2020, Canalys says.

Given its modeling, Woods said, Exxon Mobil is looking at how the decline in gasoline sales could affect its business. Exxon Mobil is one of the largest publicly traded international gas companies and an industry leader. Its website boasts of being the largest “refiner and marketer of petroleum products” as well as a chemical company.

Woods, who has spent part of his career on the company’s chemical side, says chemicals will be key to keeping the company profitable during the clean energy transition. The plastics made by Exxon Mobil can be used to make electric vehicles.

ExxonMobil calculations predicted that oil demand in 2040 would match what the world needed in 2013 or 2014. Woods told CNBC that the company was still profitable at the time.

Woods seemed unfazed by the prediction, saying “this change isn’t going to be very openly saying about this business or this industry.”

Watch the video above to see David Faber’s full interview with Exxon Mobil CEO Darren Woods in Corpus Christi. This interview was conducted as part of CNBC’s unprecedented exposure to Exxon Mobil’s plans for the energy transition, documented in our first documentary, “ExxonMobil at the Crossroads.” By 2040, all new cars should be electric

Chrissy Callahan

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