The oil large is predicting that by 2040, each new passenger car sold in the world will be electric, CEO Darren Woods informed CNBC’s David Faber in an interview. In 2021, simply 9% of all passenger car gross sales had been electric automobiles, together with plug-in hybrids, in keeping with market research company Canalys. That quantity is up 109% from 2020 says Canalys.
In gentle of its modeling, Woods stated Exxon Mobil is evaluating how the decline in gasoline gross sales might impression its enterprise. Exxon Mobil is one among the largest publicly traded worldwide fuel corporations and a pacesetter in the trade. Its web site boasts that it’s the largest “refiner and marketer of petroleum products,” in addition to a chemical substances firm.
Woods, who spent part of his profession on the chemical facet of the firm’s operations, says chemical substances will be key to protecting the firm worthwhile throughout the clear power transition. The plastics that Exxon Mobil produces can be used in the manufacturing of electric automobiles.
ExxonMobil’s calculations predicted that oil demand in 2040 would be equal to what the world wanted in 2013 or 2014. Woods defined to CNBC that the firm was nonetheless worthwhile at the moment.
Woods appeared unfazed by the prediction, saying “that change will not make or break this enterprise or this trade fairly frankly.”
Watch the video above to see David Faber’s full interview with Exxon Mobil CEO Darren Woods in Corpus Christi. This interview was performed as a part of CNBC’s unprecedented entry to Exxon Mobil’s plans for the power transition, documented in our premiere documentary: “ExxonMobil at the Crossroads.”