(The 2021 Tesla and Electric Vehicles sales number in Hong Kong is in a newer post here.)
Let’s take a look at some numbers for the 2020 Tesla and Electric Vehicles sales in Hong Kong. As of the end of 2020, there are a total of 621,288 registered private vehicles in Hong Kong. Of these 621,288 vehicles, 17,998 of them are Electric Vehicles. This accounts for 3% of total registered private vehicles in Hong Kong.
In 2020 alone, there are 37,279 first registered private vehicles in Hong Kong. Of these 37,279 vehicles, 3,477 of them are Electric Vehicles. This accounts for 12% of the total first registered private vehicles in 2020. Of these 12% percent, 3,477 are Tesla vehicles. Tesla vehicles account for 76% of total private Electric Vehicles registered in 2020.
The next brand, Hyundai, came far behind with 331 total Electric Vehicles sold in 2020. Below are the base models and their brands that sold private electric vehicles registered in Hong Kong in 2020.
| Brands with Electric Vehicles sold in Hong Kong | Electric Vehicles Base Models |
|---|---|
| Tesla | Model 3, Model X, Model 3 |
| Hyundai | Ioniq, Kona |
| Nissan | Leaf |
| Kia | Niro, Soul |
| Porsche | Taycan |
| Mercedes-Benz | EQC400 |
| Renault | Zoe |
| Volkswagen | e-GOLF |
| Smart | Fortwo |
| Audi | e-tron 55 |
| BMW | i3 |
| Jaguar | I-PACE |
I further want to look in detail the 3,477 Tesla sold in 2020. Of the 3,477 units sold in 2020, 3,411 of them are Model 3s. This accounts to about 99% of 2020 sales. Of which, mostly where Model 3 Standard edition and Model 3 Long Range edition.
Background information on Tesla in Hong Kong
Hong Kong is the first Asia market for Tesla.
The first Tesla, Model S, was delivered in Hong Kong on August 2014.
The first Model X was delivered in Hong Kong on February 2017.
The first Model 3 was delivered in Hong Kong on August 2019.
Background information on Electric Vehicles growth in Hong Kong
When Tesla was introduced in Hong Kong, there are a staggering growth of electric vehicles from less than 1,000 vehicles in 2014 to around 3,000 in 2016. This growth was primarily driven by Tesla and also a 100% tax waiver for buying an electric vehicle when first purchasing tax for new vehicles in Hong Kong can be more than 100% of the list price of the car. Therefore, there are a large number of Model S in Hong Kong mainly delivered from this period of time.
In 2017, the government decided to stop this tax waiver and instead offer an one off maximum HK$97,500 tax deduction for new electric vehicles purchases from 1 April 2018. This caused Tesla sales to plummet in 2017.
From 8 February 2018, the government introduced a new “One-for-One Replacement” Scheme where you can “trade-in” an old internal combustion engine car for any electric vehicle and get a concession for your new electric vehicle. The old ICE must be at least 6 years old and must be scrapped after this “trade-in”. The maximum concession was $250,000 and is increased in 2021 to HK$287,500 as the first registration tax is increased significantly for all types of vehicles by 15%. As of now this scheme will end on 31 March 2024.
Separately, the first registration tax deduction of HK$97,500 continue to be in effect and will also end on 31 March 2024.
With the introduction of a relatively more affordable Model 3 and the government’s incentives on first registration tax deduction and an One-for-One Replacement scheme concession, the sales of Tesla and other Electric Vehicles in Hong Kong skyrocketed from 2018 to 2020.
Tesla January to March 2021 Sales Figure
The Tesla sales for January and February 2021 is 131 units and 309 units respectively with Model 3s being sold the most as the same in 2020. Moreover, this number has already surpassed the 2020 sales figures for January and February. It will be interesting to see if Tesla sales in 2021 can surpass the 3,477 units sold in 2020.
In March 2021, Tesla sold 425 units. From January 2021 to March 2021, Tesla sold 865 units.
One Comment
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