Exxon Mobil: Every car sold in the world will be electric by this time

The oil giant, Exxon Mobil, is predicting that by 2040, every new passenger car sold in the world will be electric, CEO Darren Woods said.

In 2021, just 9% of all passenger car sales were e-vehicles, including plug-in hybrids, according to market research company Canalys. That number is up 109% from 2020.

In light of its modeling, Woods said the company is evaluating how the decrease in gasoline sales could impact its business. Exxon Mobil is one of the largest publicly traded international gas companies and a leader in the industry.

Based on the company’s calculations, oil demand in 2040 would be equivalent to what the world needed in 2013 or 2014.