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 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