Even Exxon Mobil thinks electric vehicles are the upcoming.

The oil huge is predicting that by 2040, each individual new passenger vehicle sold in the world will be electric, CEO Darren Woods informed CNBC’s David Faber in an job interview. In 2021, just 9% of all passenger car or truck revenue had been electric vehicles, which include plug-in hybrids, in accordance to industry investigation company Canalys. That amount is up 109% from 2020 suggests Canalys.

In light-weight of its modeling, Woods said Exxon Mobil is evaluating how the drop in gasoline profits could impression its enterprise. Exxon Mobil is one particular of the premier publicly traded international fuel organizations and a leader in the industry. Its website offers that it is the greatest “refiner and marketer of petroleum products,” as nicely as a chemicals corporation.

Woods, who used a section of his occupation on the chemical facet of the company’s operations, states chemical compounds will be important to preserving the corporation financially rewarding during the clean up vitality transition. The plastics that Exxon Mobil makes can be utilized in the producing of electric powered autos.

ExxonMobil’s calculations predicted that oil demand in 2040 would be equivalent to what the planet wanted in 2013 or 2014. Woods stated to CNBC that the business was nevertheless rewarding at that time.

Woods appeared unfazed by the prediction, expressing “that adjust will not make or split this organization or this field quite frankly.”

Check out the online video over to see David Faber’s full job interview with Exxon Mobil CEO Darren Woods in Corpus Christi. This interview was performed as element of CNBC’s unprecedented accessibility to Exxon Mobil’s strategies for the electricity transition, documented in our premiere documentary: “ExxonMobil at the Crossroads.”