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manusath-derana

Tax burden discourages KIA Soul EV from Sri Lanka

February, 1, 2016

Introduction of the latest electric car, the KIA Soul EV to the Sri Lankan market has been reportedly delayed. The main reason for this delay is the increased import levy imposed on electric cars through the 2016 Budget.

On inquiry by Ada Derana Biz, the Managing Directorof KIA Motors Lanka Limited, Mahesh Thambiah had this to say. “The KIA Soul EV electric motorcar is already in Sri Lanka. However, there are issues in its sales due to the new tax situation. This vehicle which was generally planned to be sold in Sri Lanka at a price around Rupees five million has now to be increased to around Rs. 7.5 million after the duty increase. Hence, the buyers are denied the dividends of buying an electric car.”

While adding further, Thambiah said vehicles sales in Sri Lanka could drom by around 50 per cent in the next few months.