Electric Cars (EV) are earning their place in the eye of the public. There has been a growing trend of drivers switching to electric cars for their eco-friendliness and cost-effectiveness. Tesla was the first EV brand to bring electric cars to the market, but other automakers are constantly pushing the boundaries to catch up with Tesla, launching the latest EV models so as not to fall behind in the game. If you want to look into alternatives to Tesla, there are a plethora of other EV brands to choose from.
Table of contents: Tesla alternatives
- Mercedes-Benz EQA 250: An EV That Runs Like “Gasoline Car”
- KIA EV6: A High-performance, Rear-wheel Drive Electric Vehicle
- MG ZS EV: Entry-level SUV Electric Car Perfect for Young Family
- BMW i4: Latest 3 Electric Car Models
- Porsche Taycan Cross Turismo: A SUV Ready to Go Off-road
- First-time Registered Electric Vehicles / One-for-one Replacement Scheme Can Enjoy Tax Concessions
- Other Car Loan Plans? Consider Personal Loans As Alternatives
- Car Loan Plans: Hang Seng and Bank of China
- Related articles
Latest Prices for Tesla Model 3 and Tesla Model Y
In response to the new "one-for-one" policy starting on April 1, 2024, Tesla adjusted the price of the Model 3 on March 15, 2024. The new price for the Tesla Model 3 RWD (Rear Wheel Drive) version is HK$254,200, which can enjoy the full tax exemption of the new "one-for-one" policy. As for the Model 3 Long Range version, the basic car price has been reduced from HK$399,485 to HK$364,700, and the new "one-for-one" price is HK$312,294.
Tesla Model 3 and Model Y new prices compared to the old ones are as follows:
Tesla Model | April 15, 2023 | August 4, 2023 | Latest (2024) |
|---|---|---|---|
Tesla Model Y Rear-Wheel Drive | HK$367,100 | HK$345,100 | HK$316,200 |
Tesla Model Y Long Range | HK$459,685 | HK$406,150 | HK$402,900 |
Tesla Model Y Performance | HK$487,202 | HK$431,950 | HK$434,505 |
Tesla Model 3 Rear-Wheel Drive | HK$341,200 | HK$320,800 | HK$254,200 |
Tesla Model 3 Long Range | HK$399,485 | HK$364,700 | HK$312,294 |
Tesla Model 3 Performance | HK$440,335 | HK$382,875 | HK$396,880 |
The new selling price for the Model Y Long Range and Performance versions, and the Model 3 Performance version, are more than 11% cheaper than before, based on the equivalent exchange price after tax. However, you may also note that the Tesla Hong Kong official website currently does not offer reservations for the Tesla Model 3 Rear-Wheel Drive and Performance versions.
Hyundai IONIQ 5: The 2022 World Car Of The Year
The Hyundai IONIQ 5 competes with Tesla's Model Y in terms of comfort, offering a range of over 200 miles, fast charging speed, and impressive everyday performance. What sets it apart is its exceptional 10-year warranty and superior fit, finish, and build quality.
One drawback is that the Hyundai uses the CCS charging standard, which limits its compatibility with all but the newest Tesla "Magic Dock" chargers. However, the number of these chargers is increasing, and there are also options available from Electrify America, ChargePoint, and other charging networks that will efficiently meet your needs.
Mercedes-Benz EQA 250: An EV That Runs Like “Gasoline Car”
The Mercedes-Benz EQA 250 is a practical electric vehicle designed for long-distance and smooth driving, making it suitable for Hong Kong's narrow roads and frequent parking. With natural suspension movements, the cabin is very quiet during driving, and the handling feels very similar to gasoline cars.
The Mercedes-Benz EQA 250 can be charged from 0-100% in just over an hour. Mercedes-Benz also offers an original charging box for more than HK$9,000, which takes 8-10 hours to charge from 0-100% at around 7kW.
If you opt for the tax concession for the “one-for-one" replacement scheme, the Mercedes-Benz EQA 250 is priced at HK$375,000 (first registration tax waived!)
The EQA 250 is currently the second most affordable model offered by Mercedes-Benz in Hong Kong (With the Mercedes-Benz A180 being the most economical).
Mercedes-Benz EQA 250 Specifications | |
Horsepower | 190 hp |
Torque | 38.3 kgm |
Transmission | Front-wheel drive, single-speed automatic |
0-100km | 8.9 seconds |
Top Speed | 160 km/h |
Dimensions | 4,463 x 1,849 x 1,620mm |
Weight | 2,040 kg |
Battery Capacity | 66.5 kWh |
Range | 426 km (WLTP) |
Price | HK$561,750 / "one-for-one" HK$375,000 and up |
KIA EV6: A High-performance, Rear-wheel Drive Electric Vehicle
The KIA EV6 is a fully electric car that has been designed from the ground up by the Hyundai-Kia Group. It utilizes the E-GMP electric car exclusive chassis, which is also used by the Hyundai IONIQ 5. The KIA EV6 prioritizes performance and boasts a slightly sportier appearance compared to the IONIQ 5. Its suspension settings are also stiffer, although not quite on par with those of a pure sports car.
The KIA EV6 has six gears, including "0", "i-PEDAL", and automatic modes in addition to gears 1 through 3. The rear-wheel drive configuration provides more stable acceleration, while the front wheels have a larger turning angle.
However, noise control is not particularly ideal, as road and wind noise can be heard while driving. This makes the "environmental sound" mode, which is designed to prevent the car from being too quiet, seem unnecessary. Another drawback is that Apple CarPlay requires a wired connection.
Nonetheless, given its 170 horsepower and rear-wheel drive, the KIA EV6 remains a relatively cost-effective option. The KIA EV6 is currently available for pre-order and is scheduled to be delivered by the end of 2023.
KIA EV6 Specifications (Standard Version) | |
Horsepower | 170 hp |
Torque | 35.6 kgm |
Transmission | Rear-wheel drive, single-speed fixed gear |
0-100 km | 8.5 seconds |
Max speed | 185 km/h |
Dimensions | 4,680 x 1,880 x 1,550mm |
Weight | 1,890kg |
Battery capacity | 58kWh |
Range | 370km |
Price | Starting from HK$348,800 for "one-for-one" exchange |
MG ZS EV: Entry-level SUV Electric Car Perfect for Young Family
The MG ZS EV is an electric car designed for young families, produced in the UK and Shanghai. It comes in two variants in Hong Kong: the standard Business version and the top-of-the-line Premium version.
Equipped with an 8-inch touchscreen that supports Apple CarPlay, automatic air conditioning, a reversing camera, and a large panoramic sunroof, the MG ZS EV has an advantage over many entry-level gasoline SUVs.
The MG ZS EV offers three driving modes, including the KERS mode, which enhances energy recovery and reduces energy consumption. Its suspension settings are sporty-oriented, with a long suspension travel that makes it a bit hard to drive in the city but stable on uphill drives. However, due to the heavier body, the lean angle in corners is relatively high.
In terms of charging, using a household 220V/13A power supply takes about 20 hours, while a 7kW charging station in a mall takes about 6.5 hours.
The MG ZS EV has released an improved version in 2023 and has now been available for purchase in Hong Kong since April.
MG ZS EV Specifications (Standard Edition) | |
Horsepower | 176 hp |
Torque | 28.5 kgm |
Transmission | Front-wheel drive |
0-100km | 8.28 seconds |
Maximum speed | 173 km/h |
Dimensions | 4,323 x 1,809 x 1,625mm |
Weight | 2,060 kg |
Battery capacity | 51.1 kWh |
Driving range | 318 km (WLTP) |
Price | "One-for-One" HK$277,500 and up |
BMW i4: Latest 3 Electric Car Models
BMW i4 is an electric version of the 4 Series GranCoupe launched by the manufacturer in March last year with three models: i4 eDrive40, i4 eDrive40 M Sport Edition, and i4 M50.
Among the three models, BMW i4 eDrive40 adopts rear-wheel drive and rear single-motor output, while BMW i4 M50 adopts front and rear dual motors with four-wheel drive. BMW i4 can be charged up to 200kW, and fast charging can provide up to 164km of range for i4 eDrive40 and up to 140km of range for i4 M50 in just 10 minutes.
BMW i4 has dedicated reinforcement components on the front and rear axles, with air suspension on the rear axle to ensure comfort. The high-voltage battery shell is directly connected to the chassis for reinforcement, and the original high-voltage battery provides an 8-year or 160,000km warranty.
The first batch will be delivered as early as the third quarter in 2023.
BMW i4 M50 Specifications | |
Horsepower | 551.5 hp |
Torque | 81kgm |
Transmission | Dual-motor all-wheel drive |
0-100km | 3.9 seconds |
Top speed | 225km/h |
Dimensions | 4,783 x 1,850 x 1,448mm |
Weight | 2,290kg |
Battery capacity | 80.7kWh |
Range | 510km |
Price | HK$799,000 / "One-for-One" HK$609,000 and up |
Porsche Taycan Cross Turismo: A SUV Ready to Go Off-road
If you're looking for an off-road capable vehicle at a reasonable price, the Porsche Taycan 4S Cross Turismo might be just what you need. This high-performance electric vehicle has a hatchback/5-door wagon body style, dual-motor output of 571 horsepower, 21-inch wheels, and the factory Off-Road Design Package, giving it a rugged and adventurous look.
The Porsche Taycan Cross Turismo is a new addition to the Taycan lineup, which includes the Taycan 4, Taycan 4S, and Taycan Turbo models available in Hong Kong. The Taycan 4S Cross Turismo is a mid-range version of the lineup and offers a Sport+ mode with strong acceleration, instant release of full torque, and an electronic sports car sound effect, making for a thrilling ride.
When ready to go off-road, the Porsche Taycan Cross Turismo comes with a Gravel off-road driving mode, suspension that can be raised up to 30mm, resulting in a ground clearance of 158mm. It also boasts a spacious luggage capacity of up to 1,200 liters, larger than the four-door version.
Porsche Taycan 4S Cross Turismo Specifications | |
Power | 571 horsepower (Overboost mode) |
Torque | 66.3 kgm (Overboost mode) |
Transmission | Front and rear motors, two-speed gearbox on the rear axle, four-wheel drive |
0-100km | 4.1 seconds |
Top Speed | 240 km/h |
Dimensions | 4,974 x 1,967 x 1,409 mm |
Weight | 2,245 kg |
Battery Capacity | 93.4 kWh |
Range | 388 - 452 km (WLTP) |
Price | HK$1,886,000 / "One-for-One" HK$1,540,000 and up |
First-time Registered Electric Vehicles / One-for-one Replacement Scheme Can Enjoy Tax Concessions
2024-25 Budget: Extension and Update of the "One-for-One" Electric Vehicle Scheme
The "One-for-One" electric vehicle scheme, initially set to expire on March 31, 2024, is proposed for extension until March 2026 in the 2024-25 budget by Financial Secretary Paul Chan Mo-po. However, the first-time registration tax reduction will decrease by 40%, from HK$287,500 to HK$172,500. Cars with a pre-tax price exceeding HK$500,000 will not be exempted.
Other Car Loan Plans? Consider Personal Loans As Alternatives
Personal loans have gained popularity because they generally offer lower interest rates than car loans. Many banks and financial institutions have launched loan plans and offers specifically for electric cars. Before getting your dream car, don’t forget to take time to compare different loan plans.
Here are some of the personal loan offers from WeLend and Citi:
AEON Flexi Loan
Monthly Payment
HK$8,733
- APR*
- 4.63%
- Total Amount Payable
- HK$209,600
- Total Interest Payable
- HK$9,600
- Monthly Payment
- HK$8,733
WeLend Personal Loan
Monthly Payment
HK$5,396
- The lowest APR
- 1%
- Total Amount Payable
- HK$323,760
- Total Interest Payable
- HK$23,760
- Monthly Payment
- HK$5,396
Citywide Goal Big Limited-Time Offer ⚽ HK$1,600 Application Bonus + 12% Additional Cash Rebate 🚨
💰 HK$1,600 Cash Reward regardless of approval
⚽ Citywide Goal Big Limited-Time Offer, extra 12% WeLend Cash Rebate, up to HK$33,600
⚡ No Income or Address Proof Required for Loan Amounts Below HK$300,000
💨 AI-Powered Ultra-Fast Processing – Get Cash Anytime, 24/7
Citi Speedy Cash Loan
Monthly payment
HK$5,210
- APR*
- 1.78%
- Total Amount Payable
- HK$312,600
- Total Interest Payable
- HK$12,600
- Monthly payment
- HK$5,210
🤑【Upgraded Cash Rewards— Get HK$1,000 Cash + Total Cash Rewards Up to HK$21,700!】
From 22 June to 30 June 2026, customers who successfully apply for Citi Speedy Cash / Citi Card Debt Consolidation Loan and submit required documents, and borrow HK$200,000 or above with a repayment tenor of 12 months or above to receive HK$1,000 Cash (converted from 10,000 SmartPoints)💰Enjoy total rewards worth up to HK$23,200, including the loan drawdown reward!
⠀⠀
【✨Limited-Time Drawdown Reward Upgrade – Earn Up to HK$14,200 Voucher / Up to HK$12,700 Cash! ✨】
From 22 June to 30 June 2026, New customers who successfully apply and draw down on or before 14 July 2026 , are eligible for MoneySmart exclusive gifts🎁 Pick your favourite: HK$14,200 Apple Store Gift Card / PARKnSHOP supermarket vouchers / Trip.com e-Vouchers / 🤑 HK$12,700 Cash!
Car Loan Plans: Hang Seng and Bank of China
Here’s the car loan plans comparison of Hang Seng and Bank of China:
Loan Plan of Individual Banks for Electric Vehicles | Hang Seng | Bank of China |
Minimum Actual Annual Interest Rate | 3% (12 months) | 5.76% (12 months) |
Annual Interest Rate for Overdue Repayment or Default Loan / Annual Interest Rate for Overdue Repayment | 27%, monthly interest rate of 2.25% for overdue repayment | 36.5%, daily interest rate of 0.1% for overdue repayment |
Handling Fee | 0.5% - 1.5% per year for HK$5,000 or less, 0% for HK$5,000 or more | 0% - 1% of the total loan amount per year |
Extension of Repayment Period Interest | N/A | Calculated daily based on the loan amount and monthly flat interest rate approved, using 365 days as one year, from the day of the loan withdrawal until one month before the first repayment date |
Overdue Repayment Fees and Charges | HK$300 per instalment | HK$500 per instalment |
Charges for Early Repayment / Early Redemption / Redemption | 2% of the sum of the monthly repayment and outstanding loan principal to be repaid in the following month after deducting the repaid principal, with a minimum of HK$300, and returning any promotional offers | Calculated based on the "Reducing Balance Method" or "78 Rule" for interest and outstanding loan principal |
Charges for Returned Check / Returned Automatic Transfer Authorization Instruction | N/A | N/A |
Frequently Asked Questions: Tesla Alternatives
What are some Tesla alternatives in the electric car market?
Mercedes-Benz EQA 250, KIA EV6, MG ZS EV, BMW i4, and Porsche Taycan Cross Turismo are some notable alternatives to Tesla in the electric car market. These vehicles offer various features and specifications that cater to different preferences and needs.
What is the range of the Hyundai IONIQ 5?
The Hyundai IONIQ 5 offers a range of 426 kilometers (WLTP) on a full charge, making it suitable for everyday driving and long-distance trips.
What are the charging options for the Mercedes-Benz EQA 250?
The Mercedes-Benz EQA 250 can be charged from 0-100% in just over an hour. There is also an original charging box available, which takes 8-10 hours to charge from 0-100% at around 7kW.
What is the range of the KIA EV6?
The KIA EV6 has a range of 370 kilometers on a full charge, providing ample driving distance for daily commuting and longer journeys.
What is the maximum tax concession for first-time registered electric vehicles in Hong Kong?
Under the revised tax reduction arrangements, first-time registered electric vehicles in Hong Kong can enjoy a maximum tax concession amount of HK$97,500. Additionally, through the "one-for-one" replacement program, car owners can receive a higher first-time registration tax concession amount, with a new maximum capped at HK$287,500.
Related Articles
Changed your mind to Tesla? Check out Buying an Electric Car in Hong Kong – Price Comparisons of EV Brands.
Or wondering which loan is better? Check out the Personal loans or car loan comparison here.
Want to stay ahead of the crowd? Visit the MoneySmart blog for more financial tips!
MoneySmart—Your One-Stop Financial Products Platform
Homepage: www.moneysmart.hk/en/
