Last Updated on April 7, 2026 by Automobile Hive
iCar V23 Price Hike in Nepal: Luxury, Performance, and the New Market Reality
The Nepali electric vehicle (EV) landscape is shifting rapidly, and one of its most talked-about contenders, the iCar V23 lifestyle electric SUV, has just hit the headlines again. SPG Automobiles, the authorized distributor for Chery’s iCar brand in Nepal, has officially announced a price revision for this popular model.
As of today, the price of the iCar V23 has seen a further increase, marking a significant journey from its initial launch price. This article dives deep into the price history, the reasons behind the hike, and a comprehensive review of why this “square-box” beast remains a hotcake in the Nepali market despite the rising costs.
The Price Update: How Much More Will You Pay?
If you’ve been eyeing the iCaur V23, you’ll need to adjust your budget. SPG Automobiles has increased the price by Rs. 100,000.
With this latest adjustment, the new price of the iCar V23 in Nepal stands at Rs. 5,099,000. To put this in perspective, let’s look at the price evolution since its debut:
| Milestone | Price (NPR) | Change |
| Initial Launch (Bhadra) | Rs. 4,799,000 (Introductory: Rs. 4,700,000) | Baseline |
| First Major Hike | Rs. 4,999,000 | + Rs. 200,000 |
| Current Price (2026) | Rs. 5,099,000 | + Rs. 100,000 |
In total, since its entry into the Nepali market in late 2024 (Bhadra), the vehicle’s price has climbed by a staggering Rs. 400,000.
Why Is the Price Increasing?
The decision to hike prices isn’t unique to Chery or SPG Automobiles; it’s a trend reflecting the current economic climate in Nepal. Several factors have converged to drive up the cost of EVs:
- US Dollar Fluctuations: As the Nepali Rupee weakens against the US Dollar, the cost of importing vehicles—which are purchased in international currency—skyrockets.
- Increased Logistics and Import Costs: Global shipping rates and local import logistics have faced inflationary pressures, making it more expensive to land a vehicle at the Birgunj or Tatopani borders.
- High Demand vs. Limited Supply: The iCar V23 is currently a “hotcake.” It has topped the charts as one of the most imported vehicles in recent months. High demand often gives distributors the leverage to pass on rising operational costs to the consumer.
A Deep Dive into the iCaur V23: Is It Still Worth It?
Despite the price tag crossing the 5-million mark, the iCar V23 continues to attract buyers. Why? Because it offers a unique blend of “hardcore” off-road aesthetics and cutting-edge tech that is rare in the mid-range EV segment.
1. Power and Performance
The iCar V23 isn’t just about looks; it has the hardware to back up its rugged persona.
- Motor: It features a 100 kW Rear-Wheel Drive (RWD) motor that provides instantaneous torque, perfect for both city sprints and steep climbs.
- Battery: Equipped with a 59.93 kWh Lithium Iron Phosphate (LFP) battery. LFP batteries are known for their longevity and safety compared to standard NCM cells.
- Range: On a full charge, it delivers a range of over 400 km, making it a viable option for long-distance travel across Nepal’s highways.
2. Off-Road DNA and Dimensions
The V23 is designed with a “square box” silhouette, reminiscent of classic off-roaders like the Land Rover Defender or the Suzuki Jimny.
- Ground Clearance: At 200 mm, it is well-equipped to handle Nepal’s often unpredictable road conditions.
- Angles of Attack: It boasts an impressive 42-degree approach angle and a 40-degree departure angle, ensuring you won’t scrape the bumpers when navigating deep ruts or steep inclines.
- Size: With a length of 4220 mm and a wheelbase of 2735 mm, it offers a planted stance and surprising interior roominess.
3. Futuristic Interior and Infotainment
Step inside, and the rugged exterior gives way to a high-tech sanctuary.
- The Screens: The centerpiece is a massive 15.4-inch 2.5K central control screen that handles everything from navigation to climate control.
- Audio Experience: A premium 7-speaker sound system ensures an immersive experience, whether you’re stuck in Kathmandu traffic or cruising the East-West highway.
- Aesthetics: The cabin features unique square-shaped air vents and electrically adjustable front seats, blending utility with a touch of luxury.
4. Advanced Safety and Intelligence (ADAS)
Chery has not skimped on technology. The iCar V23 is powered by the Horizon Robotics Journey 3 (J-3) chip, supporting a suite of Advanced Driver Assistance Systems (ADAS).
- Cameras & Radar: It utilizes 8-megapixel and 3-megapixel surround-view cameras, along with 5mm wave radars and 12 ultrasonic radars.
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Smart Features:
- High-speed Navigation
- Emergency Lane Keeping (ELK)
- Traffic Jam Assist (TJA)
- Automatic, Remote, and Memory Parking
Design Highlights: The Aesthetic Appeal
The iCar V23 stands out in a sea of rounded, aerodynamic crossovers. Its “Hardcore Off-road” styling includes:
- Smoked Front Grille: Giving it a mean, aggressive face.
- Round Headlamps: A retro-modern touch that provides excellent visibility.
- Hidden Door Handles: Improving aerodynamics slightly while maintaining a sleek side profile.
- Roof Luggage Rack: Highlighting its adventurous “Lifestyle SUV” branding.
Comparison: The Competition in Nepal
At Rs. 5,099,000, the iCar V23 enters a competitive bracket. It competes with models like the BYD Atto 3 (Base variant), MG 4 EV, and the Omoda E5.
While others might offer a more “urban” look, the iCar V23 wins on personality. It appeals to the demographic that wants a vehicle that looks as capable as it feels. The 400 km range puts it on par with the industry leaders in this price segment, but its superior ground clearance and ADAS suite give it a distinct edge for Nepali terrain.
Verdict: Should You Buy It Now?
The price hike of Rs. 100,000 is undoubtedly a hurdle for budget-conscious buyers. However, in the context of the global EV market and the specific economic pressures in Nepal, the iCar V23 remains a strong proposition.
Pros:
- Unique, head-turning design.
- Robust LFP battery technology with a solid 400 km range.
- Exceptional off-road geometry (42° approach angle).
- High-end tech (2.5K screen and ADAS).
Cons:
- Price has increased by 8% since launch.
- RWD configuration might not suit those looking for true 4WD mud-plugging (though its clearance helps).
Final Thought: If you value style, tech, and the ability to occasionally wander off the beaten path, the iCar V23 is still the most charismatic EV you can buy in Nepal for around 5 million. With prices trending upward across the industry, waiting might only lead to further hikes.
Looking for more details?
Whether you are choosing between Cars or Bikes, it is essential to compare the latest specifications and dealer offers. Visit your nearest SPG Automobiles showroom to test drive the iCar V23 and see if this lifestyle SUV fits your road—and off-road—needs.
Note: Prices in the automotive market are subject to change based on government tax policies and international trade factors. Always verify with the official dealer before making a purchase decision.
