Electric Car Hong Kong Price Comparison: Tesla, Mercedes-Benz, KIA, MG, BMW

Buying an Electric Car in Hong Kong Price Comparisons of EV Brands

 Tesla is having another price cut in May 2024!

Planning to get a Tesla but don’t know if it fits your financial goal? Don’t worry, your options don’t limit to Tesla, BMW’s EV i series, KIA or MG are on the listing.

Spend some time on this blog post to find out more about the Hong Kong EV price, each EV model’s features in details. At the end of blog, financing tips for personal loans or car loans are here, don’t forget to check them out!


Table of Contents: Electric Car Price Comparison in Hong Kong


Tesla Latest Price Cut: Tesla Model 3, Model Y

April 30, 2024: Tesla Model 3 Price Reduction

On April 30, 2024, Tesla announced that in addition to launching the Model 3 Performance version in Hong Kong, they have also reduced the price of all Model 3 models in Hong Kong by HK$16,000. Under the new ‘one-for-one’ plan, the price reduction can be as much as HK$34,400, with a maximum reduction of up to 9.4%.

Tesla Model 3 and Model Y have had their price dropped since last years. Here you can see the prices changes over the period:

Tesla Model April 15, 2023 August 4, 2023 March 31,  2024 April 4, 2024 Latest: May 2, 2024
Tesla Model Y Rear-Wheel Drive HK$367,100 HK$345,100 HK$345,100 HK$349,150 HK$316,200
Tesla Model Y Long Range HK$459,685 HK$406,150 HK$391,000 HK$437,300 HK$402,900
Tesla Model Y Performance HK$487,202 HK$431,950 HK$403,000 HK$468,905 HK$434,505
Tesla Model 3 Rear-Wheel Drive HK$341,200 HK$320,800 HK$270,200 HK$270,200 HK$254,200
Tesla Model 3 Long Range HK$399,485 HK$364,700 HK$308,900 HK$344,635 HK$312,294
Tesla Model 3 Performance HK$440,335 HK$382,875 HK$396,880

From the rate of change, it can be seen that the ‘one-for-one’ price of the Model Y Rear-Wheel Drive, Long Range, and Performance versions has decreased by 7.34% to 9.44% from before; while the Tesla Model 3 Rear-Wheel Drive and Long Range versions have decreased by 5.92% to 9.38%.


Tesla & EV Price Overview in Hong Kong

For a quick comparison of all EV model prices in Hong Kong, here is an overview of prices:

Popular EV Models Price Comparison in Hong Kong
Model 1 for 1 Replacement Price
Tesla Model Y HK$316,200-HK$434,505
Model 3 Long Range Dual Motor All-Wheel Drive HK$312,294
Tesla Model S Not available in Hong Kong
Tesla Model X Not available in Hong Kong
BMW i5 eDrive 40 Not available
BMW iX2 xDrive30 M Sport Edition HK$579,900
BMW iX1 eDrive20 xLine HK$399,900
BMW iX1 eDrive20 M Sport Edition HK$459,900
BMW iX1 xDrive30 xLine HK$499,900
BMW iX1 xDrive30 M Sport Edition HK$559,900
BMW iX3 M Sport Edition Not available
BMW i3 Not available
BMW i4 eDrive35 Not available
BMW i4 eDrive35 M Sport Edition Not available
BMW iX xDrive40 Not available
BMW iX xDrive50 Not available
BMW iX M60 Not available
BMW i7 xDrive60 Not available
i7 xDrive60 M Sport Edition Not available
Mercedes Benz: EQB 250 WhatsApp Inquiry
Kia: EV6 HK$396,000
MG: MG ZS EV HK$249,000
Last update on May 3, 2024  

Tesla Model Y / 3 / S / X Price Overview

Tesla is often the first name that comes to mind when considering buying your first EV. Here you can consider getting your first Tesla under different financing options.

Tesla Model 3 Hong Kong Price List

Tesla Model 3 Price Base Price Price Including Tax One-for-one Replacement Scheme Hire Purchase Monthly Payment Unsecured Loan Monthly Payments
Rear-Wheel Drive RWD HK$254,200 HK$354,312 HK$254,200 HK$8,991 HK$10,967
Long Range HK$292,900 HK$426,294 HK$312,294 HK$11,118 HK$13,194
Performance HK$333,200 HK$510,880 HK$396,880 HK$13,617 HK$15,813

The most affordable Tesla Model 3 costs HK$312,294 (without tax), which lays under a reasonable price range for first-time car owner.

Tesla Model Y Hong Kong Price List

Tesla Model Y Price Base Price Price Including Tax One-for-one Replacement Scheme Hire Purchase Monthly Payment Unsecured Loan Monthly Payments
Rear-Wheel Drive RWD HK$295,000 HK$430,200 HK$316,200 HK$11,233 HK$13,315
Long Range HK$336,000 HK$516,900 HK$402,900 HK$13,795 HK$15,999
Performance HK$350,700 HK$548,505 HK$434,505 HK$14,729 HK$16,977

Tesla Model S Hong Kong Price List

Tesla Model S Price Overview
Tesla Model S Full pay (including taxes) 1 for 1 Replacement Scheme*
Dual Motor HK$1,166,877 HK$976,877
Plaid: Tri-Motor HK$1,526,477 HK$1,336,477

*The official price has yet been released, the actual price is subject to the official website.

Tesla Model X Hong Kong Price List

Tesla Model X Price Overview
Tesla Model X Full pay (including taxes) 1 for 1 Replacement*
Dual Motor HK$1,215,729 HK$1,063,229
Plaid: Tri-Motor HK$1,419,979 HK$1,267,479

*The official price has not yet been released; the actual price is subject to the official website.

Tesla Roadster 2nd Generation Price

Deposit: HK$390,000 (Currently only available for reservation)

Price: Estimated at US$200,000 (Approximately HK$1,570,000)

Tesla Cybertruck Price / Deposit

Deposit: HK$1,000 (currently only available for reservation)

Price: Estimated at US$39,000 – US$69,000 (Approximately HK$306,000 – HK$541,000)

Tesla Model Y / 3 / S / X Comparison

If you’re unsure which Tesla model to choose, here’s a comparison that includes the price and specifications of each model.

Tesla Model Comparison Range (km) Top Speed (km/h) 0-100km/h Time (seconds) Price including tax One-to-One
Tesla Model Y 455 – 514 217 – 250 3.7 – 6.9 HK$430,200 – HK$548,505 HK$316,200 – HK$434,505
Tesla Model 3 491 – 547 225 – 261 3.3 – 6.1 HK$354,213 – HK$510,880 HK$254,200 – HK$396,880
Tesla Model S* 628 – 652 250 – 322 2.1 – 3.2 HK$1,166,877 – HK$1,526,477 HK$976,877 – HK$1,336,477
Tesla Model X* 536 – 560 250 – 262 2.6 – 3.9 HK$1,215,729 – HK$1,419,979 HK$1,063,229 – HK$1,267,479
Tesla Roadster 2nd Generation* 1,000 400+ 2.1 Net car price: Estimated at US$200,000 US dollars (about HK$1.57 million) N/A

*The official price has not yet been released; the actual price is subject to the official website.

Tesla Model 3 Specifications

Tesla model 3 promotional display in Olympian City.

The Tesla Model 3 is an entry-level electric vehicle from Tesla, with a basic price ranging from around HK$254,000 to HK$333,000. The “one-for-one” price ranges from HK$254,000 to HK$397,000, depending on the version. Currently, you can pre-order the Tesla Model 3 on the official website, with delivery expected in the second quarter of 2024.

The Tesla Model 3 comes with the Autopilot automatic driving aid feature. The basic Autopilot supports automatic steering, acceleration, and braking. The upgraded Autopilot automatic driving aid (+HK$27,000) supports automatic assisted navigation driving, assisted lane changing, and automatic parking.

If you add the fully automatic driving function (+HK$54,000), in addition to all the functions of the basic and upgraded Autopilot automatic driving aids, it will later add 2 functions: traffic light and stop sign control, and automatic assisted steering in urban streets.

Tesla Model 3 Specifications Comparison

Tesla Model 3 Specifications Model 3 Model 3 Long Range Model 3 Performance
Range (WLTP) 491 km 602 km 547 km
0-100 km 6.1 s 4.4 s 3.3 s
Maximum speed 225 km/h 233 km/h 261 km/h
Drive Rear-wheel drive Dual motor all-wheel drive Dual motor all-wheel drive
Seats 5 adults
Display 15” Central touch
Charging speed Charge for 15 minutes can go up to 275 km
Cargo space 649 liters
Features • Autopilot automatic driving aid
• OTA wireless update• Sentry mode security system• Heated seats• Glass roof
Base car price HK$320,800 HK$328,300 HK$344,635

 Tesla Model 3 2024

Are you ready to change your car? The Tesla Model 3 will be revamped in 2024. The new Tesla Model 3 not only has excellent performance and a more ‘stylish’ appearance, but also upgrades on the inside. With its excellent range, superior design, and advanced features, it’s no wonder that experts have been praising the Model 3 even before its launch!

Tesla 3 2024 Interior Design: No Steering Wheel Control Lever, Larger Trunk, Larger Screen

Tesla adopted a minimalist design for the 2024 Model 3. Tesla also introduced a new steering wheel that includes turn signals, eliminating the control lever on the steering wheel. The gear selector has also been moved to the touchscreen.

Tesla redesigned the seats, added ventilation to the front seats, and improved the Model 3’s sound system to 17 speakers. In addition, the trunk has been expanded to 594 liters, and rear-seat passengers can now use an 8-inch touchscreen to control climate and entertainment functions. The size of the multimedia entertainment display screen in the front row has been increased to 15.4 inches, the frame is thinner, and the appearance is more fashionable.

Will Tesla 3 2024 Performance Improve?

Although Tesla has not yet announced the full specifications of the 2024 Model 3 in the United States, it has been confirmed that the new model in Europe has an increased range of 11-12%.

The entry-level standard range rear-wheel drive version can now travel 344 miles (554 km) in the WLTP cycle, while the long-range version can travel up to 421 miles (677 km). The standard range version can accelerate from 0 to 100 km/h (62 mph) in 6.1 seconds, while the long-range version can reach the same speed in just 4.4 seconds thanks to its two electric motors.

As for the revamped Model 3 Performance, its specifications have not been announced yet.

Although whether Tesla has improved the battery to increase the range is still a mystery, one thing is certain: the air resistance has dropped from 0.23Cd to 0.219Cd, which undoubtedly helps to increase the range. (Air resistance can be understood as a quantified number showing the air resistance of the car when it is driving.)

Tesla Model Y Specifications

Tesla Model Y promotional display in Olympian City.

The Tesla Model Y is designed with flexibility and ample storage space in mind. It is a 5-seat design, with each rear seat able to fold independently to increase storage space for larger luggage and items.

At the same time, the Tesla Model Y also supports the Autopilot automatic driving aid function and can be equipped with the upgraded Autopilot automatic driving aid or fully automatic driving function.

The basic selling price of the Tesla Model Y is about HK$345,000 to HK$400,000. The “one-for-one” price is HK$422,000 to HK$547,000, depending on the version. Currently, you can pre-order the Tesla Model Y on the official website, with delivery expected in the second quarter of 2024.

Tesla Model Y Basic Car Price Including Tax One-for-one
Tesla Model Y RWD HK$295,000 HK$430,200 HK$316,200
Tesla Model Y Long Range HK$336,000 HK$516,900 HK$402,900
Tesla Model Y Performance HK$350,700 HK$548,505 HK$434,505

Tesla Model Y Specifications Comparison

Tesla Model Y Specifications Model Y Model Y Long Range Model Y Performance
Range (WLTP) 455 km 533 km 514 km
0-100 km 6.9 s 5.0 s 3.7 s
Maximum speed 217 km/h 217 km/h 250 km/h
Drive Rear-wheel drive Dual motor all-wheel drive Dual motor all-wheel drive
Seats 5 adults
Display 15” Central touch
Charging speed Charge for 15 minutes can go up to 261 km
Cargo space 2,158 liters (max)
Features • Autopilot automatic driving aid

• OTA wireless update

• Sentry mode security system

• Heated seats

• Glass roof

• Adjustable and foldable second-row seats

Price HK$345,100 HK$391,000 HK$403,000

Tesla Model 3 vs Model Y Specifications Comparison

Tesla Model Tesla Model 3 Tesla Model Y
Range (WLTP) 491 to 602 km 455 to 533 km
0-100 km 3.3 to 6.1 s 3.7 to 6.9 s
Maximum speed 225 to 261 km/h 217 to 250 km/h
Drive Rear-wheel drive/Dual motor all-wheel drive Rear-wheel drive/Dual motor all-wheel drive
Seats 5 adults 5 adults
Display 15” Central touch 15” Central touch
Charging speed Charge for 15 minutes can go up to 275 km Charge for 15 minutes can go up to 261 km
Cargo space 649 liters 2,158 liters (max)
Features • Autopilot automatic driving aid
• OTA wireless update• Sentry mode security system• Heated seats• Glass roof
• Autopilot automatic driving aid

• OTA wireless update

• Sentry mode security system

• Heated seats

• Glass roof

• Adjustable second-row seat back

Tesla Model S Specifications

The Tesla Model S has improved the aerodynamic design of the body, reducing the drag coefficient, increasing speed and endurance, and the shape is closer to a sports car. The folding rear seats can increase storage space.

Compared to Model 3 and Model Y, the Tesla Model S has more advanced features, such as a 17-inch touchscreen with 2,200 x 1,300 resolution, a built-in high-performance processor, and compatibility with wireless controllers for playing video games.

However, the Tesla Model S is not currently available for order on the official website in Hong Kong. If you want to own a Tesla Model S, you may consider buying a used car.

Tesla Model S Specifications Model S Model S Plaid
Range (EPA assessment) 405 km 396 km
0-100 km 3.1 s 1.99 s
Maximum speed 149 mph 200 mph
Drive Dual motor Triple motor
Seats 5 adults
Display 17” touch
Charging speed Charge for 15 minutes can go up to 200 miles
Cargo space 793 liters
Features • Autopilot automatic driving aid
• OTA wireless update• Sentry mode security system• Heated seats• Glass roof

• Adjustable and foldable second-row seats

Tesla Model X Specifications

The Tesla Model X is designed for the SUV market. The Model X and Model X Plaid offer 7 and 6 seats respectively, with a storage space of up to 92 cubic feet. The doors use a Falcon Wing design, which lifts the door from the roof, making it easy to retrieve luggage. The rear trailer hook can withstand a traction of 5,000 pounds, enough to carry outdoor or sports equipment.

Currently, the Tesla Model X is not available for order on the official website in Hong Kong. If you want to buy a Tesla Model X, you may consider buying a used car.

Tesla Model X Version Comparison

Tesla Model X Specifications Model X Model X Plaid
Range (EPA assessment) 371 miles 340 miles
0-60 mph 3.8 s 2.5 s
Maximum speed 155 mph 163 mph
Drive Dual motor Triple motor
Seats 7 adults
Display 17” touch
Charging speed Charge for 15 minutes can go up to 187 miles
Cargo space 88 cubic feet
Features • Autopilot automatic driving aid
• OTA wireless update• Sentry mode security system• Heated seats• Glass roof• Falcon Wing doors

Tesla Purchase Finance Solutions

For most of us, financing the purchase through a car loan, a hire purchase/leasing, or a personal loan is a more practical option. To help you out, we have compared the prices of all Tesla models under different financing options. (Quick note: Tesla Model 3/Y got a price cut in August 2023!)

If you’re planning to get your Tesla, here’re the 3 common ways to pay for your new car: Full pay, 1-for-1 replacement price, and hire purchase or unsecured loan:

  • Full pay: If you’re planning to pay in full, that means you’ll be paying the car price upfront without replacing your old car for a discount
  • 1-for-1 replacement price: The 1-for-1 replacement price refers to the cost of replacing your old car with a discounted rate under the government’s incentive scheme.
  • Hire purchase/Unsecured loan: This is a method for financing your purchase of a Tesla. Typically, it involves a down payment and a 36-month repayment period.

Tesla’s Hire Purchase / Car Loan / Personal Loan: Which Way of Car Financing Suits You Best?

You don’t need to break your bank to get your dream car! Wondering how to finance your EV purchase? Here are the most common methods of financing your dream car: Hire purchase/leasing, bank car loan, or a personal loan.

Obtaining Hire Purchase or Leasing for Your Electric Vehicle

Many “MoneySmarters” would consider hiring or leasing a car from a dealership. Yeah, it can save you lots of time and effort and give you peace of mind about all the purchasing procedures.

But don’t forget, the agency will keep the Vehicle Registration Document and transfer documents as collateral until full repayment is made.

If you transfer, renew, or change the Vehicle Registration Document within the payment period, you need to contact the agency. That’s the thing you need to be concerned about if you’re planning to buy a car through a car dealership.

Tesla’s Official Hire Purchase

Tesla is collaborating with ORIX and offering 36/48/60-month installments for your hire purchase.

The plan requires a minimum down payment of HK$50,000 (different from the general hire purchase that doesn’t need a down payment). And with the bigger down payment, you can pay less for the monthly payment compared to a general hire purchase.

Taking the Tesla Model Y (Full price with tax: HK$530,790) as an example, here is the details for a 36-month Tesla’s official hire purchase and unsecured loan:

Description Hire Purchase Unsecured Loan
Down payment HK$50,000 HK$50,000
Financed amount HK$480,790 HK$530,790
Repayment period 36 months 36 months
APR 4.05% 3.88%
Monthly loan payment HK$14,206 HK$14,881

Getting Car Loans from Banks/Financial Institutions

Apart from hire purchases and leasing, some banks and financial institutions, such as OCBC Wing Hang Bank, CCB (Asia), Dah Sing Bank, ICBC (Asia), and Public Bank (Hong Kong), offer car loans.

A car loan covers 100% of the car’s price. The repayment period can be as long as 60 months. These car loans also offer hire purchase and leasing, with an assistant handling hassles like loan applications, license renewals, and car insurance. However, car buyers are required to purchase comprehensive car insurance.

Financial you EV purchase with Tax Loan

Thinking of owning a EV? Keep an eye out for the tax loan period from October to March – coinciding with tax season. During this time, major financial institutions offer tax loans with lower interest rates than regular personal loans. And with added welcome rewards, financing your Tesla purchase with a tax loan could be a smart move. Even if you’re not yet ready to make the leap to a new car, it’s still worth considering tax loans when they become available. Who knows, you might even find a new purpose for it!

UA Finance logo

Monthly Payment

HK$12,680

Monthly Payment
Loan amount up to 300% of tax payable
APR*
1.38%
Total Amount Payable
HK$304,320
Total Interest Payable
HK$4,320
Monthly Payment
HK$12,680

Purchasing EVs with a Personal Instalment Loan

With a personal instalment loan to buy an EV, the car price is paid in one lump sum, and the car owner can keep the Vehicle Registration Document, which is more flexible in the transfer of ownership, renew the vehicle license, and change the vehicle registration mark.

Plus, there are plenty of personal instalment loan options, and you may find one with a lower interest rate.

Here is an example of Car Loan of HK$300,000 loan amount through personal instalment loan with a 36-month repayment period:

PrimeCredit logo

Monthly Payment

HK$8,483

Monthly Payment
MoneySmart Exclusive
The Lowest APR
1.18%
Total Amount Payable
HK$305,400
Total Interest Payable
HK$5,400
Monthly Payment
HK$8,483
MoneySmart Exclusive:

[MoneySmart Exclusive Offer] Up to HK$12,000 Cash

【June Pop-up Offer!*From now on until 30 June, apply for designated PrimeCredit Loan via MoneySmart, you can earn the application bonus valued at HK$500 cash vouchers (given out as 5,000 SmartPoints) regardless of approval! But that's not all - SmartPoints can be freely exchanged for cash vouchers from 20+ brands! Click here to learn more.

Valid until 30 Jun 2024
WeLend logo

Monthly Payment

HK$8,690

Monthly Payment
MoneySmart Exclusive
The lowest APR
1.88%
Total Amount Payable
HK$312,852
Total Interest Payable
HK$12,852
Monthly Payment
HK$8,690
MoneySmart Exclusive:

 Selected customers can receive up to HK$16,000 Cash Rebate upon successful draw down!

🔝💥Combo offer in June - MoneySmart exclusive offer of $1,000 application bonus】 From now until 30 June, successfully apply for Welend Personal Loan/ WeLend Card Debt Consolidation Loan/ Civil Servant & Professional Loan via MoneySmart,  you can earn extra HK$500 Deliveroo Gift Card & HK$500 vouchers (given out as 5,000 SmartPoints) regardless of approval! T&Cs apply.

Valid until 30 Jun 2024
UA Finance logo

Monthly Payment

HK$9,113

Monthly Payment
MoneySmart Exclusive
APR*
1.68%
Total Amount Payable
HK$328,080
Total Interest Payable
HK$28,080
Monthly Payment
HK$9,113
MoneySmart Exclusive:

【June Exclusive: Earn HK$1,000 Regardless of Approval!】Customers who successfully applied for designated UA  loans (refers to UA "NO SHOW" Personal Loan, UA "NO SHOW" Personal Loan - Car Loan, UA i-Money Express Online Personal Loan and UA Civil Servants and Professionals Express Loan), earn an extra HK$1,000 Apple Store Gift Card/ HK$1,000 PARKnSHOP Supermarket Voucher regardless of approval!



【Win Round-trip Tickets for Two to EUROPE】 New and existing customers¹ who correctly answered the football-related question, and successfully applied for and drawdown personal instalment loan with a repayment period of 12 months or above within the Campaign Period will stand a chance to win one set of round-trip direct economy class flight tickets for two adults to Europe^! Together with the best-in-town⁺ offer of up to HK$18,000^^ Cash Reward!

Valid until 30 Jun 2024

BMW EV Overview

 

View this post on Instagram

 

A post shared by BMW (@bmw)

If you’re not feeling the love for Tesla’s electric cars, then BMW‘s i series might just be the jolt of electricity you need.

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 3 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

BMW could be a viable alternative to Tesla. Check out the following blog to learn more.


Other EV Alternatives: Mercedes-Benz / BMW / KIA / MG

Besides the most-mentioned Tesla, many other famous automotive brands like Mercedes-Benz, BMW, KIA, and MG also offer EVs. Here are some of the most affordable EV models that are worth your attention, including the SUV models.

Here is the price overview of other EV models:

EV Models Listed Price
Mercedes Benz: EQA 250 TBC
BMW iX1 eDrive20 xLine HK$399,900
Kia: EV6 HK$396,000
MG: MG5 EV 2023 HK$249,000

*Price under the “One-for-One Replacement” Scheme

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 replacement scheme” HK$425,000 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

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

“One-for-One” Electric Vehicle Scheme: First-time vehicle registration tax reductions available for vehicle replacements

To promote the prevalence of electric vehicles and reduce carbon emissions, the government has introduced the “One-for-One” electric vehicle scheme from February 28, 2018 to March 31, 2024 and the scheme has been extended to March 2026.

Under this scheme, by scrapping (dismantling) and deregistering the existing private car and replacing it with an electric vehicle such as Tesla Model Y / 3 / S / X, you can enjoy a reduction of first-time registration tax, up to HK$287,500.

Please note that the date of deregistration of the existing private car and the date of submission of the first registration application for the new electric vehicle should not be more than 3 months apart.

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.

The maximum exemption for general electric private cars will be lowered from HK$97,500 to HK$58,500.

Calculation of the first registration tax under the “One-for-One” Electric Vehicle Scheme

The calculation of the first registration tax under the “One-for-One” electric vehicle scheme is as follows:

(First HK$150,000 taxable value (car price) x 46%) + (Next HK$150,000 x 86%) + (Next HK$200,000 x 115%) + (Remaining car price x 132%) – HK$287,500

If the taxable car price does not exceed HK$377,826, i.e., the first-time registration tax is less than the reduction amount of HK$287,500, you do not need to pay the first-time registration tax.

For example, under the “One-for-One” electric vehicle scheme, when purchasing a Tesla Model Y Rear Wheel Drive (HK$345,100) or a Tesla Model 3 Rear Wheel Drive (HK$320,800), no first-time registration tax is required.

Buying a Tesla Model Y Performance (HK$403,000) under the “One-for-One” Electric Vehicle Scheme:

= [(HK$150,000 x 46% + HK$150,000 x 86% + HK$103,000 x 115%) – HK$287,500]

= HK$316,450 – HK$287,500

= HK$28,950

The total car price is HK$431,950.

Eligibility for the “One-for-One Replacement” Scheme

  • The cancellation date of the private car and the application date of the first registration of the new electric vehicle must be within 3 months.
  • The existing private car has been first registered in Hong Kong for at least 6 years.
  • The owner must have been registered as an existing private car owner for 18 consecutive months or more.
  • The existing private car has a valid vehicle licence for at least 10 months (304 days) or more during the 12-month period prior to the deregistration of the current private car.

How to Apply for “One-for-One Replacement”: Steps to Apply with a EV Purchase

  1. Check whether the existing private car is eligible to participate in the “One-for-One Replacement” scheme“.
  2. Arrange for the demolition of existing private cars.
  3. Complete the de-registration of an existing private car.
  4. Submit a new electric vehicle first registration application and “one-for-one replacement” scheme application to receive the first registration tax concession.

If you’re up for purchasing a Tesla under the “One-for-One Replacement” program, please get in touch with them as Tesla is now providing support services for car owners. They will assist in arranging the demolition of your old car.

How to Get a Cheaper License Fee for Electric Vehicle

Except for the government’s “one-for-one” replacement program, the license fees for electric vehicles are much cheaper than those for gasoline and diesel private cars, and they are calculated based on the weight of the vehicle. (Learn more about Vehicles License Renewal)

The license fees are divided into 2 types: 1 year and 4 months.

As for the calculation method of Tesla license fees, taking Tesla Model 3 as an example, the weight of Model 3 Performance is 1,836 kilograms. The first ton (1,000 kg) of the license fee is HK$572 per year, and an additional fee of HK$124 is charged for every 250 kg thereafter. Therefore, the annual license fee for Tesla Model 3 is only HK$1,068.

Frequently Asked Questions: Tesla Purchase

Should I choose hire purchase/leasing or a personal instalment loan to purchase a Tesla?

If you want a more carefree purchase procedure, then hire purchase / lease fits better, as you are assisted with all the procedures.

However, if you want to keep your Vehicle Registration Document (hire purchase and leasing require the Vehicle Registration Document as collateral) and have a lower interest rate, a personal instalment loan may be more suitable.

What is the difference in interest rates between a hire purchase / leasing and a personal instalment loan?

The interest rate of hire purchase / leasing is usually not transparent, as it is determined according to the car’s model, age, and specifications. While the personal loan interest rate is determined according to the applicant’s financial situation, such as income, credit score, and sometimes occupation. Moreover, professionals may get preferential interest rates.

What is the difference between the hire purchase/leasing repayment period and a private loan?

Generally speaking, a repayment period of 36 / 48 / 60 months is available for hire purchase / leasing, while a personal instalment loan offers a 12 to 72-month repayment period.

Which loan is better? Car loan or Person loan?

There’s no better loan per se, but you may also consider your personal credit score as well as the interest rate the financial institution offers. For more detail, you may check out the blog post: Car Loan vs Personal Loan: which has a lower interest rate here.


Related Articles

Are you a first-time car buyer? If you’re wondering how to finance your new ride, we’ve also prepared financing tips for private loans and car loans. So, get ready to make a MoneySmart decision and join the electric car revolution!

Don’t forget to get a car insurance! Check out what things you should know before getting a car insurance quote!

Wanna stay ahead of the herd? Let’s check out the MoneySmart blog for more financial tips!

MoneySmart—Your One-Stop Financial Products Platform

Homepage: www.moneysmart.hk/en/