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What's the car company revenue in the modern west vs India and other developing nations? I'm sure the developing world will still want ICE vehicles, but is that really where the money is?

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There are billions of people in the developing world, China, India, Africa. Their income is low per capita, but the combined numbers are so high.

Petroleum fuels are easy to store and transport in low infrastructure environments. Many areas don't have strong electric grids, they don't have 24hr electricity, and even if they do it's not reliable. They rely on inexpensive two and three wheeled vehicles extensively, much more than developed nations.

Mobility is needed for them to feed themselves and progress. It isn't a "nice-to-have", it's a necessity for life. This isn't going to change anytime soon.

Most of those countries don’t have access to their own oil reserves, so are at the mercy of importing, and unless they can get a deal an sanctioned Iranian or Russian oil, they have to pay the same as other countries. In contrast, they have many more ways to generate electricity, even locally off the grid, that don’t require imports. I’ve stayed in places in China that have electricity via a water wheel (not reliable for sure, but enough to charge a bike), and no gas station for hundreds of miles around given low population density.

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