Electrifying Momentum: Over 5,100 EVs Imported in the Last 6 Months

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Kathmandu, Jan. 24: The attraction of consumers towards electric vehicles has been increasing over the years. The import of electric vehicles has increased by almost three folds during the first six months of the current fiscal year as compared to the same period last fiscal year.

Electric vehicles worth above Rs. 13 billion have been imported in six first months of the current fiscal year 2023/24. According to the statistics of the Department of Customs, electric vehicles, including four-wheelers and three-wheelers worth Rs. 13.24 billion have been imported during the review period.

During the review period, 5,107 electric cars, jeeps and vans have been imported. Out of them, 1,421 four-wheeler electric vehicles were imported in the month of Poush, while 899 electric vehicles were imported in the month of Mangsir and 656 electric vehicles were imported in the month of Kartik alone.

The country has imported 5,035 three-wheeler electric vehicles worth Rs. 414 million in the six months of the current fiscal year. The government has collected customs revenue of Rs. 5.84 billion while importing 5,107 electric four-wheelers and 5,035 three-wheelers during the review period.

The electric vehicles with 51 kW to 100 kW capacity are the most imported. A total of 2,970 electric vehicles with the capacity of 51 kW to 100 kW have been imported during the review period. Similarly, 2,056 electric vehicles with motor power up to 50 kW have been imported.

The number of electric vehicles with more than 101 kW to 200 kW motor power is 68 and above 201 kW is 13. During the review period, about 1,273 unassembled electric three-wheelers worth Rs. 148 million have been imported.

The import of electric cars, jeeps and vans has increased significantly during the first six months of the current fiscal year as compared to the same period last fiscal year. The country had imported only 1,749 electric cars, jeeps and vans worth Rs. 4.92 billion during the first six months of the last fiscal year 2022/23.

According to the statistics of the Department of Customs, in the fiscal year 2020/21, a total of 249 four-wheel electric vehicles (cars, jeeps) were imported while 1,800 four-wheeler electric vehicles (car, jeep) were imported in the fiscal year 2021/22 and 4,050 in the fiscal year 2022/23.

Around 6,914 assembled three-wheeler EVs and 459 unassembled three-wheeler EVs were imported in the fiscal year 2022/23. Similarly, around 6,400 three-wheeler EVs were imported in the fiscal year 2021/22 and 4,250 three-wheeler EVs in 2020/21.

The attraction of people towards the EV with capacity of 51 kW to 100 kW is higher than others. The government is currently imposing only 10 per cent customs duty on the import of electric vehicles of up to 50 kW capacity.

According to the new arrangement in the budget, the customs duty on electric vehicles between 50 and 100 kilowatts has been increased by 5 per cent to 15 per cent. Apart from that, 10 per cent excise duty has also been levied.

Source: Rising Nepal