‘Currently only about 1 percent of vehicle sales are electric’

Bloomberg

Chevron Corp.’s Senior Economist Adam Karson may have put down a deposit on a Tesla 3 but he doesn’t see electric cars upending his employer’s business any time soon.
Given the average life of an vehicle is between 10 and 15 years, every vehicle sold today would have to be electric for the world’s automotive industry to be free of fossil fuels by 2035, Karson said at a conference in Houston.
Currently only about 1 percent of vehicle sales are electric, he said.
European countries including the UK and France have pledged
to ban the sale of diesel and gasoline-fuelled cars by 2040 as part
of plans to radically
reduce emissions. Bloomberg New Energy Finance expects 530 million electric vehicles on the road and 54 percent of new car sales by 2040, displacing 8 million barrels of daily oil demand.
But oil companies are not fazed, at least in public. Exxon Mobil Corp. expects just 6 percent of the global vehicle fleet to be electric by 2040, the US oil giant said in October.
“The problem is it just takes a really long time to turn over the global vehicle fleet,” Karson said, noting his admiration for the technology involved in electric cars. “I say that not as an EV basher at all,” he said.
“I may or may not be on the waiting list for Tesla 3.”