HK boost for EVs
Hong Kong has boosted its support for electric vehicles. The government has relaxed rules around its HK$250,000 tax concession for trading in petrol and diesel cars after poor take-up last year.
Previously, citizens needed to have owned vehicle for three years and have licensed fit or 20 months, stipulations that caused EV maker Tesla to scale back operations in Hong Kong. The authorities have now cut these requirements to 18 months and 10 months, respectively.
Hong Kong has more than 11,000 EVs though there are concerns that it does not have enough charging infrastructure to support a large fleet.
Tesla has just opened construction on a $2bn factory in Shanghai to produce the Tesla Model 3 and Model Y for the Greater China region, including mainland China, Hong Kong, Macau and Taiwan. The company is bullishly looking to produce 3,000 Model 3 vehicles per week by end-2019.