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This Energy Company Is Set to Thrive Amid the EV Boom


For better or worse, major energy transitions take a long time. That has some clean-energy advocates worried about the future of the environment. And even energy companies with an eye on the future like TotalEnergies (NYSE: TTE) need to balance supporting older energy technologies, like gasoline engines, with building out the infrastructure to support new ones, like electric vehicles (EVs). The good news for this French energy giant is that the old business is also supporting the new one.

When oil overtook coal as the main global energy source, the transition was 100 years in the making. It's possible that the transition to EVs could move faster than that, of course, but so far it doesn't seem like this will be the case. Even under fairly generous assumptions, the U.S. vehicle fleet might only be 45% electric by 2040, with a low-end estimate of less than 10% if EV adoption is muted. So gasoline will still be needed for years and years to come.

That's great news for TotalEnergies, which is one of the largest integrated energy companies on the planet. But the company isn't sticking its head in the sand and praying that EVs go away.

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Source Fool.com

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