Hong Kong Lightens Electric Car Purchase With ICE Scrappage

Tesla

MAR 16 2018 BY MARK KANE 2

Hong Kong became one of the biggest electric car market by market share (in 2016), but it was created by generous incentives – removing those stalled sales in 2017.

Tesla

Tesla Hong Kong

Tesla was the major player in Hong Kong achieving several percent market share during its best times. But it went from hero to zero, in just one month.

Without generous incentives, the cost of new electric cars doubled – it killed sales. Tesla apparently even said to the Hong Kong government that they will pull out if there is no promotion for electric cars.

Now, it seems that Hong Kong is reversing its stance and is trying to make electric cars more affordable.

Tax benefit of up to HK$250,000 ($32,000) will be offered (until March 31, 2021) for electric car purchases if an eligible gas-guzzler is traded in. The old ICE car needs to be deregistered and scrapped.

See Also – Survey Says Hong Kong Public Supports Policy To Stay Plugged In

Still available in Hong Kong is the HK$97,500 ($12,452) tax waiver for EV purchase.

Source: Bloomberg

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2 Comments on "Hong Kong Lightens Electric Car Purchase With ICE Scrappage"

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Good for Hong Kong! I guess they realized their mistake after seeing all EV sales tank after removing the rebate.

In theory I like the idea of tying the purchase to the removal of an older gas car. But rather than crush it, it seems like it would also be good to replace an even older more inefficient gas car that might still be on the road?

So Hong Kong had $12k incentive, and now they give $32k incentive if you scrap the old ICE. And Tesla says they’d pull out if the incentives were not reinstated. There must be more to this story or look out US when the incentive of $7,500 is removed. You might lose your Tesla there as well.