EV imports nearly tripled in 2023/24

The import of electric vehicles (EVs) is showing no signs of stopping. According to the Department of Customs (DoC), a total of 11,701 electric cars, jeeps, and vans worth Rs 29.48bn were imported into the country in the fiscal year 2023/24.

This marks a growth of a whopping 188.91 percent compared to 2022/23 when 4,050 units of electric cars, jeeps, and vans entered the country. In 2019/20, Nepal imported 236 units of electric vehicles worth Rs 674m.

Additionally, 9,057 units of electric three-wheelers worth Rs 938.89m were imported into the country in the previous fiscal year. Likewise, 3,114 units of unassembled electric three-wheelers worth Rs 355.64m entered the country in 2023/24. Electric three-wheelers are a popular mode of transport outside Kathmandu Valley, especially in the southern plains of Tarai.

The majority of electric cars, jeeps, and vans imported into the country during the period had a 51-100 KW motor capacity. Customs data shows 6,885 units of EVs worth Rs 19.67bn in this category were imported into the country in the review year.

Likewise, 4,571 units of electric cars, jeeps, and vans with motor capacities up to 50 KW were imported during the year. The total import value of these cars was Rs 8.6bn. Similarly, 217 units of electric cars, jeeps, and vans with 201-200 KW capacity worth Rs 1.01bn were imported into the country during the review year.

Customs data shows 27 units of electric cars, jeeps, and vans with 201-300 KW of peak power were imported during the year. The total import value of these cars was Rs 195.98m. Likewise, one unit of a car with power exceeding 300 KW was imported during the year. The cost of the car was Rs 12,751,000.

The government collected Rs 13.28bn in import revenue from imports of electric cars, jeeps, and vans during the year. Likewise, import revenue of Rs 433.35m was mobilized from the import of assembled and unassembled electric three-wheelers.

Electric cars, jeeps, and vans worth Rs 11.84bn were imported into the country in 2022/23. The government mobilized Rs 3.3bn as import revenue from such imports. The majority of imports during the period were up to 50 KW motor capacity.

A majority of these EVs came from China, followed by India. Nepal also imports EVs from countries like South Korea, Indonesia, and Germany. BYD and Tata are popular EV brands in Nepal, while MG, Kia, Hyundai, Seres, Omoda, Deepal, and Seres are also doing well. EVs from premium brands like Tesla and Audi are also seen on Nepali roads.