Electric vehicles were the centre of attraction on the first day of the ‘NADA Auto Show 2024’ at Bhrikutimandap exhibition venue in Kathmandu on Tuesday.
Around 80% of the vehicles being displayed at the biggest automobile exhibition in the country are electric, according to organisers.
“A total of 24 automobile companies are showcasing their brands,” Anup Baral, coordinator of the show, told NBA. “The vehicles with prices ranging from Rs 2.5 million to over 10 million.”
Organisers expect the 16th edition of the show to surpass the previous editions in grandeur and impact, attracting over 75,000 visitors. The show will continue for six days until September 1.
Apart from the vehicles, nearly three dozen companies would be showcasing lubricants, tires, batteries, garage equipment, and other auto components during the period.
Baral said the diversity of the products distinguishes this edition from the earlier ones.
This years’ exhibition features 24 four-wheeler brands, 19 two-wheeler brands, and 12 light commercial vehicle brands, according to the organisers.
Visitors on Tuesday queued to take photos of the MG Cyberster sports car brought by Paramount Motors.
Among the other highlights was the 'Hyundai Venue,' an indigenously produced vehicle, which was exhibited alongside two other variants: the Hyundai Grand i10 Nios and the All-New Hyundai Creta.
Hyundai Motor Company also showcased the new A-segment subcompact EV 'Ioniq 5,' which boasts an attractive design, a segment-leading driving range, and advanced technology, offering a mileage of up to 355 km with a sophisticated technology package.
BYD's 2024 version of the Atto 3, officially released by Cimex Inc. Pvt Ltd, garnered much attention. The model comes with a new BYD app and is priced at Rs 5.69 million while the BYD ATTO 3 SUPERIOR costs Rs 6.78 million.
Many consider BYD, the Chinese multinational manufacturing company, to have taken over Nepal’s EV market.
BYD Sealion 7 was also put on display on Tuesday, along BYD Dolphin which is priced at Rs 4.15 million.
In the exhibition dominated by the Chinese brands, the launch of Indian brand Tata Punch EV was another highlight. Sipradi Trading, the distributors of Tata Motors in Nepal, unveiled the vehicle with price ranging from Rs 3.39 to Rs 3.89 million.
Balaje Rajan, chief strategy officer and vice president for International Business of Tata Passenger Electric Mobility, is in Nepal to participate in the auto show.
The price of Leapmotor C10, another Chinese EV brand brought to Nepal by MAW Vriddhi, was revealed amid the exhibition. The vehicle’s MRP has been set at Rs 7.29 million and introductory price at Rs 6.99 million. But, the introductory price during the show has been lowered to Rs 6.79 million.
Another standout at the show was the Skywell BE 11, an electric vehicle produced by Chinese manufacturer Skywell. The model, available with a range of 410 km and 520 km, is priced between Rs 7.59 million and Rs 8.59 million during the show. Similarly, the Skywell ET5 can be booked at Rs 11 million.
CG Motors, the official dealer of GAC Motors, introduced the 'Aion Y' model, a feature-loaded electric crossover.
Another Chinese car manufacturer Changan unveiled the new Deepal LO7 electric sedan at the show. The Deepal LO7 follows the premium electric SUV Deepal SO7, which is already in the market.
CG Motors and MAW Vriddhi have introduced the Chinese EV Avatr 11, priced at Rs 14.5 million.
Another Indian brand, Mahindra's XUV300, with a price range of Rs 6.69 million to Rs 6.66 million, was another potential crowd-puller. The model is available in two variants and is equipped with a 1.2-liter turbocharged engine.
Zeekr X, a premium electric brand from Chinese automaker Geely, also made an appearance, with prices ranging from Rs 8.99 million for the two-wheel-drive variant to Rs 15.99 million for the four-wheel-drive version.
The Brumby electric hatchback by Chinese brand BAW, brought to Nepal by LRR Motors, features a 17.28 kWh lithium-ion battery pack, offering a range of up to 205 kilometres on a full charge.
Likewise, CG Motors introduced Xpeng's new EV brand, with the G6 model featuring two battery options of 66 kWh and 87.5 kWh, providing a range of 580 to 755 kilometres on a full charge.
Apart from auto companies, around half a dozen banks have also set up their stalls at the exhibition venue to inform visitors about their auto loan schemes targeting the show and the festive season, which is just around the corner. They have announced schemes with low-interest rates and various incentives, prioritising the EVs.
Representatives of the banks told NBA that most of the visitors inquired about the auto loans for EVs.
Sushila Shrestha from the Nepal Investment Mega Bank (NIMB) said that more than a dozen individuals had visited the bank’s stall by Tuesday afternoon, and most of them asked about the loan scheme for EVs. NIMB has brought an EV loan scheme with interest rate starting from 1% premium on base rate.
Sujan Bhattarai from Mahalaxmi Bikas Bank seconded Shrestha, saying, “Visitors seem more curious about loan schemes for EVs.”
Mahalaxmi Bikas Bank has brought the auto loan scheme at the fixed interest rate of 9.99% for two years. “However, the rate will be revised after two years,” Bhattarai said.
A total of 95 companies and organisations will be showcasing their products and services in 130 stalls for six days.
The share of EVs in the exhibition shows growing demand for the environment-friendly vehicles in Nepal, indicating the desire to shift from fossil fuel-based vehicles, Baral, the coordinator of the show, said.
The data from the Department of Customs also show that the import of four-wheeler passenger electric vehicles (EVs) in Nepal surged by three-and-a-half times in the first month of the current fiscal year, compared to the same period in the last fiscal year.
Nepal imported 381 electric cars, jeeps and vans worth Rs 897.02 million in between mid-July and mid-August this year, compared to 110 units of the vehicles worth Rs 340.61 million in the same period last year, the customs data show.
The majority of the vehicles, 202 units out of 381, worth Rs 560.86 million were imported from China and the remaining from India except 1 from Germany.
A total of 11,701 units of four-wheeler passenger EVs worth Rs 29.48 billion were imported in the country last fiscal year, with imports from China dominating the Nepali market.
However, there has been a decline in the import of electric three-wheeler vehicles.
According to the customs data, a total of 646 units of three wheeler EVs worth Rs 65.32 million were imported in the first month of the current fiscal year, compared to 855 units worth Rs 81.96 million in the same period last fiscal year.
Stakeholders worry the inconsistent government policies could be one of the hurdles for the growing use of EVs in Nepal.
“The frequent changes in tax policy and unequal loan to value ratio in purchase of different kinds of automobiles are major threats to transition to electric vehicles,” Baral said.
The government, in the last fiscal year, did not impose excise duty on the import of electric vehicles, but only 10% customs duty was levied on it. In the current fiscal year, however, the government has increased customs and excise duties on their import.
While 15% customs duty and 5% excise duty are levied on import of EVs up to 50 KW in the current fiscal year, the government has increased customs and excise duty on EVs ranging from 51 to 100 kW by 5% each. Earlier, 15% customs duty and 10% excise duty were levied on it.
Similarly, the customs duty has been raised to 30% while keeping the excise duty constant at 20% on the import of EVs ranging from 101 to 200 kW.
The EVs ranging from 200-300 kW and more than 300 KW are levied 60% and 80% customs duty, respectively.
Finance Minister Bishnu Paudel, who inaugurated the show on Tuesday, said that policy stability was linked to political stability. However, the minister emphasised that the auto dealers' concerns were related to the previous provisions and they need not worry about them in the coming days.
“The state will provide support and protection to the entrepreneurs if they continue to work with honesty by following the law,” said Paudel, adding that the traders can always reach out to the finance minister and other authorities concerned whenever they face any hassle.
