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Exxon Mobil CEO shares surprisingly bold EV prediction for 2040

Prospective oil developments have been fraudulently overvalued, as claimed by a Complaint filed against Exxon. | Photo Credit: ExxonMobil

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Thanks to the efforts of companies like Tesla, the electric vehicle transition is so undeniable today that even Exxon Mobil is starting to admit that EVs are the future. 

This became quite evident when Exxon Mobil CEO Darren Woods participated in an interview. When asked by CNBC’s David Faber about how Exxon would continue its business in a world where cars are electric, the CEO noted that the oil giant has actually run the numbers

And based on Exxon’s own estimates, Woods noted that every passenger car sold in the world will likely be electric by around 2040. 

“With respect to electric vehicles, the first thing we did was to ask ‘what’s the relevance?’ ‘How material is it to our business?’ And we did some work very early on and said ‘Let’s just make the assumption that people begin to shift and that ultimately, every car in the world sold is electric,’ and ultimately, I think we got to about 2040 that every vehicle in the world is electric,” Woods said

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As for Exxon’s business in a world whose transportation sector no longer relies on fossil fuels, Woods noted the oil giant’s chemicals business would be key to keeping the company profitable. The plastics that Exxon produces, for example, could be used in electric vehicle production, according to the CEO. 

Woods noted that Exxon’s calculations suggest that oil demand in 2040 would be equivalent to what the global market needed back in 2013 or 2014. And at that point, Woods noted that Exxon Mobil would probably still be profitable

Watch the Exxon Mobil CEO’s interview in the video below. 

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

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Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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Tesla Sweden strikers see tax issues over IF Metall union error

To address the issue, IF Metall is encouraging Tesla strikers to return the refunded tax amounts to the union.

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Credit: Tesla Europe

A tax correction is set to return two years of income tax payments to Tesla strikers in Sweden, after authorities determined that conflict compensation during a labor dispute should not have been taxed.

The issue is caused by a decision by IF Metall to treat strike compensation for Tesla workers as taxable income during the ongoing labor dispute with Tesla Sweden. That approach has now been reversed following guidance from the Swedish Tax Agency.

Strike compensation is typically tax-free under Sweden’s Income Tax Act, as noted in a report from Dagens Arbete (DA). However, two years ago, IF Metall’s board decided to classify payments to Tesla strikers as taxable.

“We did it to secure SGI, unemployment insurance and public pension. Those were the risks we saw when the strike had already dragged on,” Kent Bursjöö, financial manager at IF Metall, stated.

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According to Bursjöö, the union wanted to ensure that members continued to register earned income with the tax agency, protecting benefits tied to income history. At the end of January, however, the Swedish Tax Agency informed the union that compensation during a labor dispute must be tax-free.

“Of course, we knew that it could be tax-free. But we clearly didn’t know that it couldn’t be taxable,” Bursjöö said.

Following discussions with auditors and tax authorities, IF Metall began correcting the payments. As a result, two years of paid income tax will now be credited back to the affected strikers’ tax accounts. The union will also recover previously paid employer contributions.

However, the correction creates secondary effects. Since the payments will now be treated as tax-free, pension contributions tied to those earnings will be withdrawn, potentially affecting state pension accrual and income-based benefits such as parental or sickness benefits.

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To address this, IF Metall is encouraging members to return the refunded tax amounts to the union. In exchange, the union plans to pay 18.5% into occupational pensions on their behalf. “Otherwise, it will be a form of overcompensation when they get the tax paid back,” Bursjöö said.

That being said, the IF Metall officer acknowledged that the union’s legal ability to reclaim the funds from its improperly paid Tesla Sweden strikers is limited. “The legal possibilities are probably limited, from what we can see. But we assume that most people see the value of securing their pension,” Bursjöö said.

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Tesla sues California DMV over Autopilot and FSD advertising ruling

The complaint seeks to remove the agency’s conclusion that Tesla falsely promoted the capabilities of Autopilot and Full Self-Driving.

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Credit: Tesla

Tesla has filed a lawsuit against the California Department of Motor Vehicles (DMV) in an effort to overturn a prior ruling that found the automaker engaged in false advertising related to its driver-assistance systems. 

The complaint seeks to remove the agency’s conclusion that Tesla misled customers about the capabilities of Autopilot and Full Self-Driving.

Tesla’s legal action follows a decision by California’s Office of Administrative Hearings (OAH), which concluded that Tesla’s earlier marketing of “Autopilot” and “Full Self-Driving” violated state law, as noted in a CNBC report. 

While the DMV opted not to suspend Tesla’s license after determining the company had updated its marketing language for its advanced driver-assistance systems, Tesla is asking the court to go further and reverse the agency’s conclusion.

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In its Feb. 13 complaint, Tesla’s attorneys argued that the DMV “wrongfully and baselessly” labeled the company a “false advertiser” for its Autopilot and FSD systems. The filing argued that regulators failed to demonstrate that consumers were actually misled about the capabilities of Tesla’s systems.

According to Tesla’s complaint, the DMV “never proved consumers in the state had been confused about whether its cars were safe to drive without a human at the wheel.”

Tesla’s legal team further stated: “It was impossible to buy a Tesla equipped with either Autopilot or Full Self-Driving Capability, or to use any of their associated features, without seeing clear and repeated statements that they do not make the vehicle autonomous.”

Tesla now promotes its driver-assistance system as “Full Self-Driving (Supervised),” a name that overemphasizes the need for active driver attention.

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Tesla’s autonomous driving program is a pivotal part of the company’s future, with CEO Elon Musk stating that self-driving technology will truly be the solution that will push Tesla into its full potential. The company is currently operating a Robotaxi pilot in Austin and the Bay Area, and the company recently announced that it has produced the first Cybercab from Giga Texas’ production line. 

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Tesla is making two big upgrades to the Model 3, coding shows

According to coding found in the European and Chinese configurators, Tesla is planning to make two big upgrades: Black Headliner offerings and a new 16-inch QHD display, similar to that on the Model Y Performance.

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Credit: Tesla

Tesla is making two big upgrades to the Model 3, one of which is widely requested by owners and fans, and another that it has already started to make on some trim levels of other models within the lineup.

The changes appear to be taking effect in the European and Chinese markets, but these are expected to come to the United States based on what Tesla has done with the Model Y.

According to coding found in the European and Chinese configurators, Tesla is planning to make two big upgrades: Black Headliner offerings and a new 16-inch QHD display, similar to that on the Model Y Performance.

These changes in the coding were spotted by X user BERKANT, who shared the findings on the social media platform this morning:

It appears these new upgrades will roll out with the Model 3 Performance and Tesla’s Premium trim levels of the all-electric sedan.

The changes are welcome. Tesla fans have been requesting that its Model 3 and Model Y offerings receive a black headliner, as even with the black interior options, the headliner is grey.

Tesla recently upgraded Model Y vehicles to this black headliner option, even in the United States, so it seems as if the Model 3 will get the same treatment as it appears to be getting in the Eastern hemisphere.

Tesla Model 3 wins Edmunds’ Best EV of 2026 award

Tesla has been basically accentuating the Model 3 and Model Y with small upgrades that owners have been wanting, and it has been a focal point of the company’s future plans as it phases out other vehicles like the Model S and Model X.

Additionally, Tesla offered an excellent 0.99% APR last week on the Model 3, hoping to push more units out the door to support a strong Q1 delivery figure at the beginning of April.

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