Tesla will be starting its Model Y deliveries in Hong Kong and Macau next month. The information was related to local media outlets by Tesla in an update on Monday.
Apart from the confirmation of its customer deliveries, Tesla also provided an outline of the Model Y’s pricing structure. According to the company, the base Model Y Standard Range, which features one electric motor, would have a range of 455 km, a top speed of 217 kph, and a price of HK$329,800 (US$42,414) under Hong Kong’s one-for-one replacement scheme.
Announced last February, Hong Kong’s one-for-one replacement scheme allows owners to deregister and scrap their old cars so that they can purchase an electric car at a more affordable price. The Model Y Standard Range, for example, costs HK$464,570 without the replacement scheme in effect.
The Model Y Long Range Dual Motor is priced at HK$377,800 under the government scheme, while the Model Y Performance costs HK$468,070 without the replacement scheme.
Electric vehicles are quite popular in Hong Kong, with Tesla CEO Elon Musk dubbing the city-state as a “beacon city” for EVs that could “serve as an example to the rest of the world on what to do.” By the end of 2020, one out of every eight new private vehicles purchased in Hong Kong was an all-electric car. This was according to the 2021-22 Budget delivered by Financial Secretary Paul Chan earlier this year.
Teslas are selling well in Hong Kong. By last year’s end, there were 18,500 private electric vehicles in Hong Kong. Eighty percent were Teslas, as per data from the Transport Department. Isabel Fan, the US carmaker’s regional director for Hong Kong, Macau, and Taiwan, stated that while EVs currently just make up 3% of Hong Kong’s total registered cars, there is a lot of upside left.
“EVs currently make up about 3% of Hong Kong’s total registered cars. Tesla wants to expand further in the city and will target the remaining 97%,” the Tesla executive said.
Hong Kong is determined to push electric vehicles to consumers, with the government targeting no new registrations of fossil fuel-powered cars, including hybrids, by 2035 or earlier.
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