Tesla sales in Hong Kong falter after cut in tax breaks

Tesla sales in Hong Kong falter after cut in tax breaks

Over in Hong Kong, the slashing of a tax break for electric vehicles (EV) – which came into effect on April 1 – has had an impact on sales of Tesla vehicles in the autonomous territory. Following the move, not a single Tesla model was registered with the transport department in April, the Wall Street Journal reports.

The situation improved slightly in May, when five vehicles were registered, but is a far cry from the surge that took place before the rule change – in March, 2,939 Teslas were registered, adding significantly to the sales numbers for the first quarter of the year, when around 3,700 units were shifted.

The introduction of a maximum tax deduction of HK$97,500 (RM53,600) on standard tax for privately-registered EVs, applicable to first-time owners, means that the price of a Tesla has nearly doubled. Online publication Quartz had earlier reported that following the removal of tax breaks, a Model S 60, which went for HK$570,000 (RM313,400) with the tax waiver, would be hiked up to HK$925,500 (RM508,700) in the new structure.

It remains to be seen if the decision to remove tax incentives for EVs will have a significant impact on the sales of such cars. According to news reports, a Tesla Hong Kong representative stated that the company did not have long-term concerns over sales of its cars in the territory.

The past three years has seen a boom in EV registrations, and according to statistics listed by the environmental protection department, a total of 11,004 EVs were registered for road use in Hong Kong at the end of May, up from less than 100 in end-2010.

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Anthony Lim

Anthony Lim believes that nothing is better than a good smoke and a car with character, with good handling aspects being top of the prize heap. Having spent more than a decade and a half with an English tabloid daily never being able to grasp the meaning of brevity or being succinct, he wags his tail furiously at the idea of waffling - in greater detail - about cars and all their intrinsic peculiarities here.

 

Comments

  • The bankrupted company just got into more trouble.

    Like or Dislike: Thumb up 4 Thumb down 1
    • Abdul Latiff on Jul 11, 2017 at 5:11 pm

      Klau orang buta pimpin org buta, nanti dua-dua jatoh dalam lobang.

      Source :
      https://paultan.org/2016/02/19/kerajaan-bersetuju-pengecualian-cukai-import-ke-atas-100-unit-tesla-model-s-inisiatif-greentech-malaysia/

      Like or Dislike: Thumb up 8 Thumb down 0
      • komarad on Jul 11, 2017 at 6:07 pm

        all those tesla only driven by greentech staff….

        Like or Dislike: Thumb up 0 Thumb down 0
      • Ya betui. Nasib baik pemipin kite berpandangan jauh dan tak invest dlm pemasangan Tesla charging stesen secara berluasan. Klau tak, nanti Tesla lingkup, apa nak buat dgn stesen-stesen tsb?

        https://paultan.org/2017/05/04/tesla-more-than-doubles-revenue-but-losses-increase/

        Like or Dislike: Thumb up 0 Thumb down 0
    • lao yee on Jul 12, 2017 at 10:09 am

      You’d mistaken Tesla with GM? Never did Tesla experience bankruptcy or bail out although the start up firm during early days did experience financial issue. Today public listed company is moving in different waves; the waves that shapes the auto industry.

      Like or Dislike: Thumb up 1 Thumb down 0
  • Harge naik, RV naik so no problem.

    Like or Dislike: Thumb up 2 Thumb down 0
  • Hekenawang on Jul 11, 2017 at 2:11 pm

    Oh COME ON!!!..pleasela..u guys need to see us,malaysians, our car price together with the superb tax is already like that for centuries and yet, we are still ok whaaattt(sarcasm)

    Like or Dislike: Thumb up 2 Thumb down 0
    • SG basher: “Puhlezz. Peasant neighbours pls come down south see our COE. U be shocked, and shiok for the prices u pay now”

      Like or Dislike: Thumb up 2 Thumb down 3
 

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