Daily Management Review

ExxonMobil CEO expects global shift to electric cars by 2040


According to ExxonMobil CEO Darren Woods, by the year 2040, every new vehicle sold worldwide will be electric.

Håkan Dahlström
Håkan Dahlström
Every new passenger vehicle sold worldwide by 2040 will be an electric vehicle, told ExxonMobil CEO Darren Woods in an interview with CNBC.

Nevertheless, according to data from Canalys, which CNBC cites, sales of hybrid and electric vehicles combined made up just 9% of all vehicle sales worldwide in 2017. It follows that at the time, there were 109 percent more electric automobiles than there were in 2020.

ExxonMobil estimates that by 2040, oil demand will be at the same level as it was in 2013 and 2014. However, according to the company's head, profits will still be generated by that point.

According to Woods, Exxon Mobil's chemical products, industrial products, and biofuels will play a crucial part in protecting operations of one of the world's top oil firms as more people switch to electric cars and the need for gasoline declines. According to the CEO, the company's synthetic materials can also be utilized to build electric vehicles.

source: cnbc.com