Electric Vehicle Imports Surge to Rs 15 Billion in Nepal’s Fiscal Year

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Feb 26: In the seven months of the current fiscal year, the government has collected Rs 6.62 billion in revenue from the import of electric vehicles (EVs) worth Rs 15 billion.

According to the Department of Customs (DoC), a total of 6,159 four-wheeled EVs were imported during this period, contributing Rs 6.62 billion to revenue collection.

According to the DoC, Nepal imported four different  models of electric cars, jeeps and vans, with 2,677 electric vehicles of up to 50 kW capacity. An amount equal to Rs 4.96 billion was spent on the purchase of EVs of that model. However, due to the import of those vehicles by the government, revenue worth Rs 1.48 billion has been collected in the government treasury.

Moreover, 3,394 electric vehicles with a capacity of 51 kW to 100 kW were imported in Nepal in the review period. As much as Rs 9.58 billion was spent on the import of such EVs. However, the government has collected revenue equal to Rs 4.7 billion from the import of these vehicles.

During the same period, about 70 four-wheeled electric vehicles with a capacity of 101 KW to 200 KW and 18 jeeps with a capacity greater than 201 KW were imported, contributing a revenue collection of Rs 253.5 million and Rs 182.9 million, respectively.

Moreover, 5,797 three-wheeled EVs were imported during the same period of the current fiscal year, with a total expenditure of around Rs 600 million. Similarly, the government collected revenue worth Rs 205.7 million for these imports.

Compared to the previous fiscal year, the public’s attraction towards EVs in Nepal has increased rapidly. In the fiscal year 2022/23, a total of 1,807 four-wheeled EVs were imported, which more than doubled to 4,500 units in the fiscal year 2023/24 so far, marking a 60 percent increase.

 

Source: Republica