Let’s take a look at some numbers for the 2021 Tesla and Electric Vehicles sales in Hong Kong. As of the end of 2021, there are a total of 656,973 registered private vehicles in Hong Kong. Of these 656,973 vehicles, 27,358 of them are Electric Vehicles. This accounts for 4% of total registered private vehicles in Hong Kong.
Compared to 2020, the total number of first registered vehicles in 2021 increased by 5.6% and Electric Vehicles increased by 41%. The 2020 Report can be found here.
In 2021 alone, there were 39,309 first registered private vehicles in Hong Kong. Of these 39,309 vehicles, 9,582 of them are Electric Vehicles. This accounts for 24% of the total first registered private vehicles in 2021. Of these 24% percent, 7,987 are Tesla vehicles. Tesla vehicles account for 83% of total private Electric Vehicles registered in 2021.
Compared to 2020, the total number of first registered vehicles in 2021 increased by 5.3% and Electric Vehicles increased by 93.5%. Within the Electric Vehicles market, Tesla market share in 2021 is 83% compared to 76% in 2020.
There were some changes in the electric vehicles brand market share in 2021. In 2020, Hyundai came in 2nd as having the most sales behind Tesla with 331 electric vehicles sold in 2020. However, in 2021, Mercedes took over in the 2nd spot with 449 electric vehicles sold in 2021. Below are the base models and their brands that sold private electric vehicles registered in Hong Kong in 2021
| Brands with Electric Vehicles sold in Hong Kong | Electric Vehicles Base Models |
| Tesla | Model 3, Model X, Model 3, Model Y* |
| Hyundai | Ioniq, Kona |
| Nissan | Leaf, E-NV200 |
| Kia | Niro, Soul |
| Porsche | Taycan |
| Mercedes-Benz | EQC400, EQA250* |
| Renault | Zoe** |
| Volkswagen | e-GOLF |
| Smart | Fortwo |
| Audi | e-tron 55 |
| BMW | i3 |
| Jaguar | I-PACE** |
| BYD | M3 |
| MG | MG ZS EV* |
| Volvo | XC40 P8 RECHARGE PRO* |
| Lexus | UX300E* |
| Fiat | 500E PASSION* |
I further look in detail the 7,987 Tesla sold in 2021. Of the 7,987 units sold in 2021, 5,019 of them are Model 3s. This accounts to about 63% of 2021 Tesla sales which is a decrease from 99% back in 2020. This is mainly because of the launch of Model Y in September of 2021 which sold 2,938 units in 4 months only. This account for 37% of Tesla sales in 2021. There were only 28 units of Model X sold and 2 units Model S sold.
The Electric Vehicle Market in Hong Kong
Having a comparison between the 2020 and 2021 Electric Vehicles sales in Hong Kong, there is no doubt that the electric vehicle market is growing. As mentioned in the 2020 report, Hong Kong continue to promote and encourage the use of Electric Vehicles with its “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 2021 market is still lead by Tesla with its introduction of the new Model Y towards the end of the year. Mercedes-Benzes had a staggering growth in 2021 mainly due to the release of the EQA250 which is much more competitive in pricing than the EQC400 back in 2020. The “higher-end” luxury market is still dominated by Porsche Taycan from 144 units sold in 2020 to 218 units sold in 2021 which is a 41% increase. Nissan, Hyundai and Kai continue to have its own place within a market which is getting more and more crowded.
Volkswagen Group
e-Golf continued to disappoint in 2022 with only 45 units sold. I thought one of the best selling internal combustion car ever would have more electric vehicles sold. Although Hong Kong market is unique where driving is consider a privilege and not a necessity. This fact could be backed up by the fact that Porsche Taycan sales grew 41% compared to 2021 with 218 units sold. Audi is really in a difficult position with the e-Tron 44 in the market. They need to release an A3/A4 electric sedan soon in order to capture some of the market back. Although this still may be a year or two away.
BMW
The iconic i3 will be discontinued soon. There doesn’t seem to be a direct replacement for the i3 but the iXs and the new i4s will enter the market. Like the Audi’s, they will be in a difficult position only maybe trying to persuade existing BMW fans and owners to go electric. In my personal opinion, the new BMW electric vehicles doesn’t look too appealing to me compared to the Mercedes-Benz EQA250 for example.
2022 Outlook
Is it no doubt that Tesla will continue to dominate especially with the Model Y. Currently, the Model Y sold in Hong Kong is only a 5 seater but if and when the 7 seater is released, it will capture even more of the market. In the luxury segment the Porsche Taycan will still beat out all of its competitors. In that price bracket, it will be easy to pick the Porsche. Mercedes-Benz will continue to eat into the market share with the release of the EQA250 and also the EQB in 2022. These Mercedes are all in the price market of the Tesla Model 3 and Model Y.
Putting away the technical specs away, you can own a German made electric vehicle with a price similar to a Tesla which is made in China. (Not an offense to cars made in China but in a sales perspective, this is one of the main selling points. There are many Chinese who loves German cars. Mercedes-Benz will always remain a symbol of class and quality like BMW and Audi is for such a long time.)
Lexus and Volvo are also starting to introduce electric vehicles into the Hong Kong market but I think they will struggle. I am a huge Lexus fan as a previous owner of a couple of Lexus but their pricing of the UX300E is nowhere competitive enough in this market.
With the introduction of new electric vehicles by major traditional motor vehicle companies, Tesla dominance in Hong Kong might be wavering if they do not adapt. As mentioned in my Model Tesla 3 review, many of the advanced features in the Tesla is unusable in Hong Kong such as full autopilot. The media availability is also disabled with Netflix and normal web browsing disabled in the Tesla’s in Hong Kong. Although, Tesla battery technology is second to none. They need to continue to develop more efficient battery packs and also denser and smaller battery packs to be used in smaller cars like the rumored Model 2. Tesla also continues to invest in installing V3 superchargers throughout the city. Inevitably, Tesla is almost in a cult status in terms of what Elon Musk is doing with all his companies. Owner a Tesla is like a testament to living in the modern electric vehicle world.
With the increase of 41% of electric vehicles sold in 2022 compared to 2021, I am even more concern for those who do not have home charging which is a rarity in Hong Kong. Tesla will continue to add and promote its own proprietary super charging network to attract the customer to buy Tesla. Those who do not own a Tesla or do not want to pay for supercharging will have a tough time in finding a space to charge in Hong Kong.
