A sharp increase has been noticed in the import of electric vehicles at the end of the current fiscal year.

According to trade statistics released by the Department of Customs based on the first 11 months of the current fiscal year, the import of electric vehicles has gone up by mid-June of the current fiscal year 2023/24.

Around 11,466 electric cars, vans and jeeps entered the country in the first 11 months (mid-July 2023 to mid-June 2024) of the current fiscal year.

Out of the total EV imported in the first 11 months of the current fiscal year, 2,969 electric vehicles, including cars, vans and jeeps were imported in the month of Jestha (mid-May to mid-June) alone.

Likewise, in the month of Baishakh (mid-April to mid-May), 1,404 electric vehicles entered Nepal whereas in the month of Chaitra (mid-March to mid-April), 749 EVs entered.

On May 28, the government announced a 10 per cent increase in customs and excise duty on the import of electric vehicles. Before the tax increase, nearly 3,000 units of electric vehicles were imported in May.

It was expected that the increase in customs duty would discourage the import of EVs. During the first 11 months of the current fiscal year, 11,466 electric cars, jeeps and vans worth Rs. 29 billion have been imported.

Similarly, the country imported 8,523 three-wheeler electric vehicles worth Rs. 879 million in the first 11 months of the current fiscal year.

The government has collected customs revenue of Rs. 13.36 billion while importing 11,466 electric four-wheeler vehicles and 8,523 three-wheeler electric vehicles during the review period.

The capacity of most of the imported electric vehicles ranges between 51 kW to 100 kW. A total of 6,885 electric vehicles with a capacity of 51 kW to 100 kW were imported during the review period.

Similarly, 4,344 electric vehicles with motor power up to 50 kW were imported. The number of imported electric vehicles with more than 101 kW to 200 kW motor power is 209 and above 201 kW is 27.

The import of electric vehicles during the review period of the current fiscal year increased by more than threefold as compared to the same period last fiscal year.

In the first 11 months of the last fiscal year, 3,870 electric cars, vans and jeeps were imported. The import of EVs has been increasing for the last two years due to the import concession.

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 (cars, jeeps) 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.