EV import surges 10.02% to 7,080 units

KATHMANDU: Electric vehicle (EV) imports to Nepal during the first eight months of the fiscal year 2023/24 increased by 10.02% compared to the same period in the previous fiscal year.

According to the Department of Customs, Nepal imported 7,080 units of EVs during the review period, up from 6,435 units in the same period of the previous fiscal year.

The country imported EVs worth Rs 16.64 billion in the review period of the current fiscal year, a rise from Rs 15.81 billion in the same period of 2022/23.

Imports of electric cars, jeeps, and vans with motor power up to 50KW declined from 2,746 units to 2,531 units. However, imports of EVs in the 51KW to 100KW range grew from 3,594 units to 3,879 units, marking a 7.93% increase, reflecting steady demand for mid-range electric vehicles. Likewise, imports of EVs in the 101-200KW capacity surged from 75 units to 654 units—an 872% jump.

In contrast, imports of EVs with motor power between 201KW and 300KW dropped slightly from 20 units to 14 units, a decline of 30%. Two EVs with a capacity exceeding 300KW were imported during the review period, signaling the entry of premium, high-performance electric vehicles into the Nepali market.

A lion’s share of Nepal’s EV imports comes from China, as Chinese EV brands like BYD, MG, Deepal, and Omoda/Jaecoo are immensely popular in Nepal. Tata is the major Indian EV player in the Nepali market.

This surge in EV imports aligns with Nepal’s push toward sustainable transportation, supported by the government’s tax incentives, which make EVs comparatively cheaper than traditional internal combustion engine (ICE) vehicles.