The adoption of EV is quickly transforming Hong Kong and even the Tesla Inc (NASDAQ:TSLA) CEO Elon Musk agrees to that. In fact, he referred to the city as a beacon city for electric vehicles. The 80% market share is a sure show of a company performing well considering that Hong Kong boasts of about 5,800 EVs this particular July.
Speculations surge with a lot of people thinking that soon Japan will be out-done by a new force in the market. To Japan, the 80% market share is quite a catch and there is no cause for alarm. As a matter of fact, there are endless complaints among people and the issue is that the local government is imposing “abnormal” l first registration tax which in one way or the other is frustrating to its customers.
The motive behind the whole thing is to gain total control of the new vehicle deployment. For sometime back, the case has usually been that it had been waived for electric motors. It is disappointing to a lot of buyers that the imposed tax is about two times the price of the vehicle. May be that is the basis for the speculation that indeed this company might be in the brink of loosing the glory it has been enjoying the whole while it has been “oppressing” its customers.
Tesla’s market dominance is thought to be the main reason as to why it is being affected the most by the current policies. Hong Kong remains adamant even after Jon McNeill who is the serving president of Tesla paid it a visit to talk about the taxes.
Fears continue to rise with lots of people thinking that the case with Japan may be reincarnating. Denmark some time back made an announcement of its intention to completely phase out the tax break for electric motors by 2015.The decision pushed Tesla high up the ladders of financial gain, only at the end of it to get “lost”.
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