BUSINESS IS IN MY BLOOD

Yamuna Shrestha

Managing Director, Cimex Inc

Board Member, NAIMA

Yamuna Shrestha, Managing Director of Cimex Inc and Board Member of Nepal Automobile Importers and Manufacturers Association, has played an impressive role in shaping Nepal’s electric mobility landscape. Growing up in a business-oriented family, she was exposed early to entrepreneurship but her turning point came after visiting BYD’s headquarters in Shanghai in 2016. Despite Nepal lacking basic EV infrastructure at the time, she signed an agreement to bring in the first batch of cars, betting on the country’s long-term potential. By 2019, she became a shareholder in Cimex, and under her leadership, BYD has since become one of the most recognised EV brands in Nepal.

Shrestha’s journey has not been without hurdles. Entering the male-dominated automobile sector posed its own challenges compounded by high pricing, policy inconsistencies and the absence of charging stations or trained manpower. Yet, Shrestha and her team focused on building credibility through product quality, strong after-sales service and customer trust. The launch of models like the E6 and Atto 3 not only expanded the market but also helped shift public perception, making EVs a serious and viable choice for Nepali consumers.

Beyond automobiles, Shrestha sees electric mobility as a driver of broader economic and environmental transformation. She envisions EVs supporting green tourism, reducing dependence on fossil fuels, and helping Nepal meet ambitious adoption targets by 2030. As a woman entrepreneur, she also advocates for better financial access for women and encourages young entrepreneurs not to give up on their ideas.

In a conversation with Business 360, she reflected on her life experiences and her vision for the future of EVs and entrepreneurship in Nepal. Excerpts:

Your journey with Cimex Inc and BYD has made you a key figure in Nepal’s electric mobility space. What sparked your interest in this sector, and how did it all begin?

I was born in Dapcha, Namobuddha, the youngest of six siblings. My father was one of the first people in our village to pass the SLC exam, so education was always a top priority in our home. At the same time, I grew up surrounded by business. Our village was filled with small shops and during festivals like Dashain and Tihar, business went on till midnight. My father himself ran small businesses even while studying and my siblings later got involved in their own ventures in Kathmandu like hydro, cooperatives, vegetable markets. Business was in our blood.

After spending two years in Japan, I came back to Nepal and had the option of joining my brother’s cooperative. Instead, I decided to start my own. That led me to a marketing project, something I never thought I would do because I did not like the idea of a 9-to-5 job. But within a month, I found myself meeting Nepal’s top bankers and business leaders. The project lasted two years but I ended up staying for three.

During that time, BYD had begun introducing solar panels and streetlights in Nepal. Back then, in 2011, we did not even have an HS code for lithium-ion phosphate batteries, so sales were almost impossible. But when the government made changes in 2015, things began to open up. With the country facing heavy load-shedding, BYD’s 2.5 kW batteries could power a bank or office for eight hours. They did well at solar expos but once load-shedding ended, that market dried up.

My real turning point was in 2016 when I visited BYD’s headquarters in Shanghai. I saw their LED, solar, battery and car factories. They told me Nepal had strong EV potential if our electricity issues were solved. Even though there was not a single charging station in the country, I signed an agreement to bring ten cars. By 2019, I claimed 50% of Cimex’s share in Nepal and became a shareholder.

At first, the lack of models made it tough but when we launched the E6 in 2021/22 and then the Atto 3, the market started buzzing. Today, BYD is a household name in Nepal with models like the Dolphin, Seal, M6, Sealion, Atto 2, and Atto 1.

Being a woman entrepreneur in a male-dominated automobile industry could not have been easy. What were some of the barriers you faced early on and how did you overcome them?

Automobiles is one of the most male-dominated industries in Nepal. Most women in business here are in small-scale ventures. Larger businesses are usually inherited from a father, brother or husband. Walking into the automobile space as a woman was unusual.

The bigger challenge, however, was bringing EVs into a fossil fuel–dominated country. Pricing was another major issue. Cars that should have been Rs 40 lakh shot up to Rs 80 lakh because of tax fluctuations. Customers who booked at one price could not afford the final price, so I had to delay sales.

Infrastructure was also missing, there were no charging stations, no spare parts, no trained manpower. People even questioned if EVs could drive in the rain. Awareness was lacking. The media helped to some extent but we still had to prove the concept step by step. Sometimes we even sold cars at a loss just to show that it worked.

But I believe challenges make the journey worthwhile. Without them, there is no growth. Today, EVs are no longer a rare sight, they are part of mainstream auto shows and a serious option for customers.

Was there a particular turning point or milestone in your career where you felt, ‘Yes, we are making a real difference’?

The launch of the Atto 3 was one of those moments. Until then, EVs were seen as an experiment. The Atto 3 created a buzz that changed the conversation around electric mobility in Nepal. Another proud moment was when prominent personalities like Kul Man Ghising and Hitendra Dev Shakya, and the National Planning Commission began using BYD cars. That gave credibility not just to BYD but to the entire EV movement in the country.

What values or leadership principles have guided you through challenges and decision-making?

My principle is simple: This is not just my company, it is our company. I tell my team to work as if they own it. That sense of ownership makes a huge difference.

Most decisions are made collectively. I like to discuss ideas with my team and move forward only when they agree. My goal is that when they leave, they do not just leave as employees but as individuals with wings of their own. Even if I keep just 10%, I want them to give and grow to their full potential.

Many young women in Nepal want to pursue entrepreneurship but struggle with support systems. What advice would you give them, especially in industries where women are still underrepresented?

The biggest barrier is finance. No bank gives loans without collateral and most women do not own property in their name. That makes it twice as hard. When I first sought a loan, even with many car bookings in hand, banks still demanded collateral. Eventually, they accepted cars as collateral but it was not easy.

My advice to women is: Do not give up on your ideas. Families are willing to spend crores on weddings or to send children abroad but hesitate to invest in their children’s businesses. That mindset needs to change. If parents and banks gave small start-up loans, even two to four lakh rupees, it would open doors for so many young entrepreneurs.

Women can succeed if given the opportunity. They just need that chance.

Has mentorship played a role in your journey? 

Yes, mentorship was crucial. I was often pushed into opportunities I was not sure I was ready for and those experiences shaped me. Today, I try to give my team the same encouragement. The best way to mentor is to give people responsibility and trust them to handle it. That is how they grow wings.

Cimex has positioned BYD as a serious player in Nepal’s EV market. What was your strategy to build credibility and trust in a relatively new and evolving segment?

BYD itself is built on credibility. It was founded in 1995 by a scientist with just 20 people. Its strength has always been technology, especially the blade battery, which is the safest in the world. That is why BYD has been able to create its own e-platform.

In Nepal, I let BYD products speak for themselves. The solar panels I installed in 2011 are still working perfectly. Cars we sold years ago are still on the road. That track record built confidence. We also focused heavily on after-sales service. Our staff trained in China and we set up a battery maintenance training centre in Chitwan. BYD also supports us directly, even troubleshooting through video calls. Customers see that care and become lifelong promoters.

On top of that, BYD offers warranties that cover batteries, motors and movable parts for up to 10 years. That level of security reassures customers. In Nepal, word-of-mouth is more powerful than any advertisement and satisfied customers spread the message better than anything else.

Beyond automobiles, what potential do you see for EVs and green tourism in Nepal?

I believe EVs are not just about transport. They can transform our entire economy. We have an informal agreement with the government to reach 30% EV adoption in households by 2030. Personally, I think we can aim for 50%. If we adopt a ‘one household, one EV’ approach, we can truly make Nepal green. 

Green tourism is another huge opportunity. For example, Thailand saw a 15% boost in tourism when they introduced EV taxis. With Nepal’s 47% forest cover and our reliance on clean hydropower, we are well placed to promote eco-friendly tourism. EVs can help us make that shift.

What are the most common misconceptions you encounter regarding EVs?

People often think EVs are fragile or somehow less reliable than petrol cars. If a tyre punctures, people say, ‘Oh, the EV is broken’, and the media amplifies it. But the truth is, everything can break, an ICE car, an EV, any technology. The difference is in perception.

Another misconception is around infrastructure. Yes, we do not yet have as many charging stations as petrol pumps but things are changing. Before selling cars, we carefully plan where chargers will go and how many are needed. A charging point also needs to be more than just a plug; people want a coffee shop to wait in, a maintenance centre, spare parts. It is about building an ecosystem.

EVs have only been in Nepal for four or five years. That is a very short time for such advanced technology. Step by step, we are adding after-sales service, battery maintenance and training facilities. It all comes together with steady work and determination.

What do you think are the key gaps in EV infrastructure development and how can public-private partnerships help bridge it?

At the moment, the gap is not just about chargers but the whole support system around them. You need trained manpower, proper after-sales service and spare parts. We have already started moving in that direction. Today, from east to west, wherever you are in Nepal, you can get after-sales service for BYD cars.

Another important development is that Nepal is finally allowing us to work on batteries here. Until recently, we were not even permitted to touch this area. Now, with training centres and local maintenance facilities, costs will come down and confidence will go up.

Government and private sector cooperation is essential. The government can help with policy, land and electricity supply, while private companies bring in investment, technology and execution. Together, they can build a real EV ecosystem.

As a board member of the Nepal Automobile Importers and Manufacturers Association (NAIMA), what prompted the creation of this new body? What does it hope to do differently?

I am a member of both NADA Automobiles Association of Nepal and NAIMA. NADA was created by our seniors and it has played an important role. But over time, it became harder to bring everyone’s voice together. Individual interests sometimes overshadowed collective goals.

NAIMA was formed not to replace NADA but to complement it. The idea was to create a more unified platform for importers, manufacturers and sellers to make policy discussions clearer and more effective. NAIMA also has a strong focus on new technologies, like EVs and hybrids, and how to integrate them into Nepal.

There was some public debate because two auto shows happened back-to-back but that was simply because Nepal does not have one large exhibition hall. In the end, people got to enjoy 15 days of auto shows instead of four or five, so I see it as a win.

How does that uncertainty around EV policies affect planning and investor confidence in your line of business?

Policy inconsistency is one of our biggest challenges. At times, tax rates have doubled making cars unaffordable for customers who had already booked them. That damages trust in the whole industry.

For investors, such sudden changes make long-term planning difficult. When we bring in EVs, we are not just selling cars, we are committing to service, parts and customer support for ten years or more. Policy stability is essential for us to plan those commitments properly. The government has set goals like 30% EV adoption by 2030. If policies align with those goals consistently, both investors and customers will have more confidence.

Is local assembly or manufacturing of EV components something Cimex is exploring yet?

We are already preparing. Training centres and battery maintenance facilities are our first step. Once that succeeds, costs will come down, and the next step will be to assemble more here. EVs, after all, are largely about assembling components. We are also exploring how AI can support automobiles, whether in predictive maintenance, system monitoring or customer services. Slowly, we will build local capacity.

It will not happen overnight but it is not too early to begin. The important thing is to start opening doors for technology in Nepal. Once the door opens, more opportunities follow.

What do you see as the most significant shifts coming to Nepal’s automobile sector in the next five to 10 years, especially as global trends push toward clean energy and smart mobility?

For the next five years, EVs will dominate the market here. After that, new technologies may arrive. Globally, BYD is investing around 60% of its profits into research and development. Hydrogen is one of the technologies in development. It has its own challenges but it will come.

Hybrids also have a role in Nepal, especially plug-in hybrids. For city use, EVs make sense. For longer trips into the hills or Himalayas, hybrids can be more practical. I believe the government is considering how to include them in future budgets. So, in five to 10 years, we will see a mix, EVs leading, hybrids supporting and perhaps hydrogen entering the picture. The sector will not stand still.

Entrepreneurship often comes with personal sacrifices. How do you manage work life balance?

Balance is always a challenge. When you are building something new, it demands time and energy. But I try to remind myself that this is not just about me, it is about my team, my company and the larger mission of green mobility in Nepal.

I have learned to delegate more, to trust my team. That gives me some space to take care of myself and my family as well. Still, entrepreneurship always comes with sacrifices and I accept that as part of the journey.

What is next for you and for Cimex? 

We are planning to launch another high-end BYD brand in our new building. Progress is slow because of Nepal’s situation but we want to make those products available as soon as possible.

Beyond cars, I am also planning something personal and close to home: a homestay in my hometown, Dapcha. The area has a rich history and I want to share that with more people. At the company level, our immediate focus is on expanding training, battery maintenance and future technology integration. At a personal level, I want to create something lasting in my village. Both feel equally important to me.

Life is short and safety is priceless. Many cars will come and go but the values we build with them last. For me, BYD represents trust, safety and innovation. For Nepal, EVs represent not just cleaner transport but a greener future. And for women, entrepreneurship is possible, if we create an environment where ideas are trusted and opportunities are given.