Import of EVs up, about 3,000 imported in a month

A sharp increase has been noticed in the import of electric vehicles at the end of the current fiscal year. 

According to trade statistics released by the Department of Customs based on the first 11 months of the current fiscal year, the import of electric vehicles has gone up by mid-June of the current fiscal year 2023/24.

Around 11,466 electric cars, vans and jeeps entered the country in the first 11 months (mid-July 2023 to mid-June 2024) of the current fiscal year. Out of the total EV imported in the first 11 months of the current fiscal year, 2,969 electric vehicles, including cars, vans and jeeps were imported in the month of Jestha (mid-May to mid-June) alone. Likewise, in the month of Baishakh (mid-April to mid-May), 1,404 electric vehicles entered Nepal whereas in the month of Chaitra (mid-March to mid-April), 749 EVs entered. On May 28, the government announced a 10 per cent increase in customs and excise duty on the import of electric vehicles. Before the tax increase, nearly 3,000 units of electric vehicles were imported in May. 

It was expected that the increase in customs duty would discourage the import of EVs. During the first 11 months of the current fiscal year, 11,466 electric cars, jeeps and vans worth Rs. 29 billion have been imported.

Similarly, the country imported 8,523 three-wheeler electric vehicles worth Rs. 879 million in the first 11 months of the current fiscal year. The government has collected customs revenue of Rs. 13.36 billion while importing 11,466 electric four-wheeler vehicles and 8,523 three-wheeler electric vehicles during the review period.