Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Nepal has recently observed a significant downturn in the import of electric cars, jeeps, and vans, signaling a deviation from the previous growth trajectory. Data released by the Department of Customs (DoC) sheds light on a stark decrease in the import of electric vehicles (EVs) during the Nepali month of Falgun (mid-February to mid-March) compared to the preceding month of Magh (mid-January to mid-February) of the ongoing fiscal year.
During Falgun, a mere 276 units of electric cars, jeeps, and vans were imported, notably lower than the figures recorded in Magh. Impressively, out of these, 258 units were sourced from China, with no imports recorded from India.
This decline marks a significant departure from the import figures of the preceding month, where over 1,000 units of EVs entered the country.
The data highlights that only 276 units of electric vehicles, valued at Rs 778.8 million, were imported in Falgun. However, throughout the current fiscal year, a total of 6,159 units of EVs, worth Rs 15.81 billion, have been imported, contributing Rs 6.99 billion in revenue to the government.
In contrast, fossil fuel vehicles, including cars, jeeps, vans, and buses, saw a higher import volume up to Falgun, totaling 4,663 units worth Rs 5.95 billion. This resulted in government revenue of Rs 10.24 billion, with 905 units of fuel vehicles imported solely during Falgun.
Moreover, 81,729 assembled and unassembled bikes and scooters, valued at Rs 9.55 billion, were imported up to Falgun, contributing Rs 9.89 billion in revenue. The DoC reports a total of 11,763 units of bikes and scooters imported during the month of Falgun alone.
The decline in electric vehicle imports and the simultaneous rise in fossil fuel vehicle imports underscore a noteworthy shift in Nepal’s automotive market dynamics, prompting discussions about potential factors influencing consumer preferences and government policies.
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