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Mark, are we doing some lobbying for the FRT exemption extension through charged.hk?
As I remember, the last extension decision was mainly determined by the Hong Kong Treasurer.
Let's resurect this thread.
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That said, I really hope that they don't leave it to the last minute like 2014. I realise that this is a budgetary process and secrecy is important, but the arrangements last time led to a huge amount of uncertainty in the market and that was not good for the confidence in EVs.
Well I think they should tax EVs but to a lesser degree than ICE.... There are 95% of people out there who are buying ICE cars and paying 100% tax and they probably think why should a >$800k luxury vehicle be so privilaged to be charged 0 tax? Sure EVs don't pollute the HK air, but we still congest the streets and use the road. I believe the tax exemption should be more progressive and not 100% exempt. Or perhaps the tax should EV should go into some type of EV charging infrastructure.
A sample is Norway EV incentives. They will wind it down now that the have met their EV target.
Norways Generous Electric Car Incentives To Ramp Down by 2020 - Transport Evolved
Our tax exemption is honestly an overkill. Though I admit, if they did charge 50% registration tax, it might start becoming a break even between me buying another luxury vehicle over a Tesla. But the question i want to raise is, what is a fair level of incentives that EV drivers should get?
That is the crux of the issue. The incentives are there to _incentivise_ people to buy EVs. They should remain in place until the majority of cars on the road are EVs. One part of it is that EVs are more expensive than petrol cars, another the inconvenience and cost of charging, and the other part is a general incentive package. The idea is to make the purchase of an EV more attractive than that of a petrol car (even given the charging inconveniences for most).Though I admit, if they did charge 50% registration tax, it might start becoming a break even between me buying another luxury vehicle over a Tesla.
I understand my views are against the interests of the users of this forum. To have a sustainable technology, we need to have the public support, but I believe it is hard to justify a 100% tax exemption.There are people (myself included) who are getting their first car in HK because of the great EV incentives. In US, the EV incentive is about $10k USD, in HK it is 100% car price. I am not sure how price senstiive a person who is buying a 800k car. On the other extreme, should we tax someone who drives a $2.5m i8? How about a $1m P85D? Perhaps most P85D user are not so price sensnitive, but sure some of them will turn around and buy a Maserati instead.
Even if there is no incentive, you get savings in driving electric instead of gasoline and the savings in the cost on maintenance (no filter, no oil change, no fan belt, etc.etc.etc..), AND parking on a reserved place in a busy garage. It feels good when other ICE drivers were circling the parking garage for parking, and I get to park at a "Reserve for EV Parking" very close to the entrance of a mall.
But I agree, most automobile buyers are attracted to getting 0 FRT.
Lets be clear about this. People who buy a Tesla are buying a Tesla because its a fantastic car - first and foremost. The fact that it is electric and has low running costs is the bonus.
If the Tesla ends up costing 1.2m because of FRT, most prospective Tesla buyers may turn their back and buy a Mercedes or BMW or Audi. Ultimately, in HK, if you are looking to buy a mid-size to large size saloon beyond 700k in price, these are the options most people consider.
I think though that it is inevitable that the FRT exception will go away (at least in part). This only makes it more attractive to buy a Tesla now because of the re-sale. If in 2017, they introduced it and the the sticker price shot up from 800k to 1.2m, your used tesla would go up by a similar percentage.