When you punch an electric motor, it stay 98% efficient. When you punch an internal combustion engine, its already miserable efficiency drops into the single digits.
I'm not sure where you're getting your data for this, but I don't think this is typically true. If you look at specific fuel consumption curves (which are inversely proportional to efficiency), most internal combustion engines seem to lose maybe 20% of their efficiency (e.g., from 28% efficient* to 22% efficient) from their peak to "punching" - certainly not dropping into the single digits.
Also, if you're going to make a fair comparison to an electric motor in this context, you need to account for the battery efficiency, which is maybe 85% - gasoline doesn't lose any significant energy on its way from the gas station pump to the car's gas tank to the engine, but an electric car will experience some energy loss from the plug to the battery to the motor (e.g., the batteries heat up under charge and discharge, which is an energy loss, and more energy may be required to cool them back down to keep them comfortable).
*I'm estimating the efficiency of the uninstalled engine, not including drivetrain losses, accessory losses, etc.