The latest data from Nepal's customs shows that the country imported a total of 11,700 electric vehicles in the fiscal year 2023-2024, marking a significant increase of 188.91% from the previous fiscal year. In the first three months of the fiscal year 2024-2025, which began in mid-July, Nepal imported 2,518 electric vehicles worth 6.11 billion Nepalese rupees (approximately 330 million yuan), with a year-on-year growth rate of 18%. Driven by the Nepalese government's supportive policies and consumer demand, the local electric vehicle market has demonstrated a strong growth momentum. Nepal lacks oil and gas resources, and its reliance on imported oil results in high costs for the use and maintenance of fuel vehicles. Additionally, cities like the capital Kathmandu face air pollution issues due to vehicle exhaust emissions. To address these problems, Nepal has identified the introduction and promotion of electric vehicles as a crucial measure to improve the national energy structure and promote sustainable development.
In recent years, the Nepalese government has introduced a series of supportive policies to invigorate the electric vehicle market. In October 2018, Nepal launched the "National Electric Mobility Action Plan" to boost electric vehicle consumption and related infrastructure development. The country also introduced its first batch of five BYD electric buses from China to provide services for passengers traveling between Lumbini attractions and the airport. Concurrently, the Nepal Electricity Authority, in collaboration with the private sector, has been expanding the domestic charging network, and approximately 400 charging stations have been established and are operational nationwide. Major banks in Nepal have also introduced preferential loan terms for the purchase of electric vehicles on installments, offering higher loan amounts and lower interest rates compared to fuel vehicles. Nepal plans to achieve a target of electric vehicles accounting for 25% of private passenger cars by 2025 and aims to increase this proportion to 90% by 2030.
Nepal's abundant hydropower resources are a natural advantage in cultivating the electric vehicle market. Data shows that Nepal's hydropower potential accounts for about 2.3% of the world's total hydropower reserves. International institutions such as the World Bank and the Asian Development Bank have provided hundreds of millions of dollars in loans to Nepal to support the expansion and upgrading of its electricity infrastructure, with the development of the electric vehicle industry being a key component of these loan assistance projects. After years of development, Nepal has transformed from a country with severe power shortages to a net exporter of electricity. The latest report from the Nepal Electricity Authority shows that the country's annual power generation capacity has reached 3,157 megawatts, providing an energy base for the thriving electric vehicle market.
According to Nepal's customs statistics, nearly 70% of the electric vehicles imported in the fiscal year 2023-2024 were from China, with Chinese brands like BYD favored by Nepalese consumers. To meet local market demands, many Chinese automakers have started to invest in building factories in Nepal.
As reported by The Republica of Nepal, in April of this year, Xiamen Kinglong United Automotive Industry Co., Ltd. signed an agreement with Nepal's Koshi NK Automobiles Pvt. Ltd. to invest 3 billion Nepalese rupees (approximately 161 million yuan) in establishing an electric vehicle assembly plant in Nepal. The assembly plant will import technology and equipment from China and plans to start producing commercial electric vehicles this year, with an annual production capacity exceeding 5,000 electric vehicles in the future. Recently, the Nepalese Ministry of Industry indicated that with advanced electric vehicle technology from China, there is broad scope for cooperation between Nepal and China, and there is hope to import and sell more Chinese electric vehicles.
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