Tesla CEO Elon Musk once described Hong Kong as a “beacon city for electric vehicles” due to its extremely high rate of EV adoption. He might have as well called it a “beacon city for Tesla” since most of those vehicles were Tesla’s, which held over 80% market share in Hong Kong’s EV market.
Now that EV market consisted of literally zero new registrations last month – hardly a “beacon city” anymore.
As previously reported, Hong Kong started an aggressive phaseout of its tax exemption for electric vehicles in April.
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