Tesla accounts for almost 50% of newly registered private cars in first quarter of 2022 due to surge in fuel price

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24th June 2022 – (Hong Kong) In the past year, the soaring fuel price has stimulated a huge increase in the demand for electric vehicles. Some car owners have saved more than HK$3,000 per month after switching to electric vehicles. According to information from the Transport Department, electric private cars accounted for 46% of newly registered private cars in the first quarter of this year.

In March alone, for every two newly registered private cars, one was a Tesla, the single brand actually occupies half of the market share for new cars. With the huge increase in demand, even if the carmaker continues to increase prices, there was acute shortage of supply.

Some customers had to wait for 10 months after ordering and at the same time, there are not still enough charging facilities. Although the government launched the  EV-charging at Home Subsidy Scheme in 2020 and around 270 applications have been approved so far, it is understood that no housing estate has actually completed building the charging facilities.

A Tesla car owner said that after changing to electric car, he spends around HK$1,200 per month on charging and he has saved more than HK$3,000 compared with the usual fuel consumption, an estimated saving of HK$36,000 a year.

According to the latest information on newly registered private cars with the Transport Department, electric private cars accounted for only 12.4% in 2020, the total doubled to 24.4% in 2021, and accounted for as high as 46% in the first quarter of 2022.

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