When you walk around Hong Kong these days it’s common to see the Tesla Model S on the city’s roads. Little wonder that Tesla boss Elon Musk called Hong Kong “a beacon city for electric vehicles” during an event in the territory this week. He said that Tesla had grown sales in Hong Kong by 270% between 2014 and 2015 and last year it sold 2,221 Model S sedans, making it one of the top-selling sedans. As of December there were 4,198 electric cars on Hong Kong’s roads versus 100 in 2010. “We receive a lot more support from the Hong Kong government than from the mainland China government in electric vehicles,” Musk admitted, describing Hong Kong’s policies to promote electric cars as “excellent”. Hong Kong has made electric cars more affordable – vis-à-vis conventional vehicles – by waiving vehicle registration tax. Tesla cars are also ideally suited to the market by dint of the place’s small size, which means ‘range anxiety’ isn’t an issue for consumers. Even if it were, Hong Kong boasts the highest density of Tesla superchargers in the world.
© ChinTell Ltd. All rights reserved.
Exclusively sponsored by HSBC.
The Week in China website and the weekly magazine publications are owned and maintained by ChinTell Limited, Hong Kong. Neither HSBC nor any member of the HSBC group of companies ("HSBC") endorses the contents and/or is involved in selecting, creating or editing the contents of the Week in China website or the Week in China magazine. The views expressed in these publications are solely the views of ChinTell Limited and do not necessarily reflect the views or investment ideas of HSBC. No responsibility will therefore be assumed by HSBC for the contents of these publications or for the errors or omissions therein.