Electric vehicle imports witness second consecutive month of decline

FILE PHOTO: An electric vehicle is plugged into a charging station in Bilbao, Spain, February 15, 2023. REUTERS/Vincent West

KATHMANDU: In a concerning trend, the import of electric vehicles (EVs) has experienced a slowdown for the second consecutive month, according to data released by the Department of Customs. During the period of Chaitra (mid-March to mid-April) of the current fiscal year, a total of 658 units of EVs were imported, signaling a downturn from previous months.

Prior to the mid-term budget review, the import of EVs had shown an upward trajectory in Poush (mid-December to mid-January) and Magh (mid-January to mid-February). However, import figures took a dip in Falgun (mid-February to mid-March), followed by a marginal rebound in Chaitra.

Cumulatively, the Department of Customs reports that 7,093 units of EVs have been imported over the course of nine months in the current fiscal year (mid-July to mid-March).

Comparatively, the import figures for EVs in the previous year stood at a total of 1,807 units, with a total value of Rs 5.33 billion. From these imports, revenue amounting to Rs 1.43 billion was collected by the Department of Customs.

Despite the recent slowdown, the data reveals a significant uptick in EV imports over the current fiscal year. As of Chaitra, a total of 7,093 EVs, valued at Rs 17.49 billion, have been imported, resulting in revenue generation of Rs 7.78 billion from import duties and taxes.

Notably, the majority of imported electric vehicles fall within the 51 to 100 kW power range, with 4,077 units imported, valued at Rs 11.47 billion. Additionally, 2,902 EVs with capacities of up to 50 kW were imported, amounting to a combined value of Rs 5.40 billion.

Further breakdown of imports includes 93 electric vehicles in the 101 to 200 kW range, worth Rs 468.83 million, and 21 EVs with capacities between 201 and 300 kW, valued at Rs 153.26 million.

The import figures for EVs during the nine-month period are as follows: Shrawan (mid-July to mid-August): 110, Bhadra (mid-August to mid-September): 78, Ashoj (mid-September to mid-October): 1,237, Kartik (mid-October to mid-November): 652, Mangsir (mid-November to mid-December): 899, Poush (mid-December to mid-January): 1,421, Magh (mid-January to mid-February): 1,052, Falgun (mid-February to mid-March): 276, Chaitra (mid-March to mid-April): 658.

Despite the recent downturn, stakeholders remain optimistic about the long-term growth prospects of the electric vehicle market, citing ongoing efforts to promote sustainable transportation and reduce carbon emissions.

Fiscal Nepal |
Monday April 22, 2024, 01:40:21 PM |

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