Kathmandu – The electric vehicle (EV) frenzy that gripped the Nepali market in recent months appears to be losing some steam, as the latest import figures from the Department of Customs reveal a slowdown in the influx of these eco-friendly automobiles.
According to the department’s data, a total of 658 electric vehicles were imported during the month of Chaitra (mid-March to mid-April), marking a noticeable decline from the previous months’ figures. This downward trend follows a period of rapid growth in EV imports, which had seen a significant surge in the wake of the government’s mid-term budget review.
“The import of electric vehicles had been on an upward trajectory, with Poush (mid-December to mid-January) and Magh (mid-January to mid-February) witnessing record-breaking numbers,” said Rajan Bhattarai, a customs official closely monitoring the EV import trends. “However, the figures for Falgun (mid-February to mid-March) showed a dip, and while Chaitra saw a slight rebound, the overall growth rate has slowed down.”
Despite the recent slowdown, the nine-month period from mid-July to mid-April saw a staggering 7,093 electric vehicles worth a combined value of Rs 17.49 billion make their way into the Nepali market.
This influx has generated a substantial Rs 7.78 billion in revenue for the government through import duties and taxes.
Interestingly, the data reveals that the majority of imported EVs fall within the 51 to 100 kW power capacity range, with 4,077 units valued at Rs 11.47 billion belonging to this category. The sub-50 kW segment also saw significant imports, with 2,902 units worth Rs 5.40 billion entering the country.
“The surge in EV imports can be attributed to a combination of factors, including rising environmental awareness, government incentives, and the increasing affordability of these vehicles,” explained Bhattarai. “However, the recent slowdown could be a temporary blip or a sign of market saturation, and we’ll have to closely monitor the trends in the coming months.”
As Nepal continues its journey towards a greener future, the electric vehicle revolution remains a key focus area, with stakeholders eagerly awaiting the government’s next move to further promote the adoption of these eco-friendly modes of transportation.
