Every new passenger car sold in the world will be electric by 2040, says Exxon Mobil CEO

Even Exxon Mobil thinks electric vehicles are the future.

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