Electric Vehicle Imports in Nepal Show Second Consecutive Month of Deceleration

Data released by the Department of Customs reveals a second consecutive month of slowed electric vehicle (EV) imports, with 658 units recorded during Chaitra (mid-March to mid-April) of the current fiscal year. Prior to the mid-term budget review, import figures surged notably during Poush (mid-December to mid-January) and Magh (mid-January to mid-February). Although there was a decline in EV imports during Falgun (mid-February to mid-March), a modest rebound occurred in Chaitra.

Over the course of nine months in the current fiscal year (mid-July to mid-March), a total of 7,093 EV units have been imported, as disclosed by the Department of Customs. Last year, 1,807 EV units valued at Rs 5.33 billion were imported, contributing Rs 1.43 billion in revenue from import duties and taxes.

Notably, the current fiscal year has seen a substantial increase in EV imports, with a total of 7,093 units imported as of Chaitra, valued at Rs 17.49 billion. This surge in imports has resulted in Rs 7.78 billion in revenue generated from import duties and taxes.

Analysis of import trends reveals that a majority of imported EVs fall within the 51 to 100 kW power capacity range. Specifically, 4,077 EVs valued at Rs 11.47 billion have been imported within this range. Additionally, 2,902 EVs with capacities of up to 50 kW, worth Rs 5.40 billion, have been imported. Furthermore, 93 EVs in the 101 to 200 kW range, valued at Rs 468.83 million, and 21 EVs with capacities between 201 and 300 kW, worth Rs 153.26 million, have also been imported.

Import figures for the nine-month period vary, with notable imports during Ashoj (mid-September to mid-October) and Poush (mid-December to mid-January), while lower figures were observed during Bhadra (mid-August to mid-September) and Falgun (mid-February to mid-March)