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Nepal has seen a rise in the import of electric vehicles (EVs) in the last two fiscal years.
The increase in the import of EVs could be attributed to the recent embargo of fossil fuel-based SUVs, cars and vans, the liquidity crisis and the post-pandemic economic situation in the country.
According to the Department of Customs, the country imported 249 four-wheeler EVs amounting to Rs 650 million generating Rs 240 million of revenue collection for the government in the fiscal year 2020/21. In the last nine months of the current fiscal year, the country has imported 2451 EVs amounting to Rs 6.8 billion — an increase of 27.81% — from the previous fiscal year’s import of 1807 EVs amounting to Rs 5.32 billion.
High fuel prices, improved electricity supply at urban centres, private sector initiatives and favourable government tax policy in promoting EVs, lacklustre development of public transportation, and accessible financing services are primary reasons behind the growing demand for EVs.
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