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Import duty of 15% is also "much lower" than the tax on comparable combustion engine cars in India which also pay an additional road tax, according to HSBC.

“Recent California policies, like banning the sale of new internal combustion engine vehicles by 2035, the potential tax/penalty on refinery profits and the potential new minimum storage requirement are all headwinds to our business and erode our confidence going forward,” Andy Walz, Chevron’s president of downstream, midstream and chemicals, said in the statement.

"Going from the combustion engine to electric mobility is very big process. We are investing billions in rebuilding all the factories. And so that takes some time, there's no question about it."

Rather than banning combustion engine vehicles, the government has steered consumer choices.

“Electric vehicles are statistically less likely to catch fire spontaneously than an internal combustion engine vehicle.”