COLOMBO (EconomyNext) – Sri Lanka’s electric car ownership has started to gain traction with new registrations more than doubling to 27 units in March 2015 compared to earlier months, an analysis of vehicle registry data shows.
JB Securities, a Colombo based equities brokerage said in an analysis that Nissan Leaf is the most popular electric car in Sri Lanka.
Since October 2013, 169 electric cars have been registered in Sri Lanka and 150 are Nissan Leaf.
After about a dozen or less cars being registered for many months, 27 cars were registered in March 2015, compared to 10 for December, 15 for January and 13 for February.
The islands power ministry is also promoting charging stations. Most of Sri Lanka’s energy is produced out of coal and especially during off peak hours there is now excess capacity.
Sri Lanka’s rulers cut taxes on electric cars to 5 percent, compared to 100 to 200 percent for other vehicles including motor cycles in a bid to drive citizens to live their lives according to their wishes. Hybrids are also taxed at a lower rate.
The elected ruling class itself gets tax free vehicles, and they usually acquire fuel guzzling SUVs and super luxury European brands.