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BROWSER UPDATE To gain access to the full experience, please upgrade your browser: Note: If you are running Internet Explorer 65 and above, make sure it is not in compatibility modeWe use cookies and browser capability checks to help us deliver our online services, including to learn if you enabled Flash for video or ad blocking. By using our website or by closing this message box, you agree to our use of browser capability checks, and to our use of cookies as described in our. Https: //www. Wsj. Com/articles/teslas-hong-kong-sales-gutted-by-tax-change-6999598558Not a single newly purchased Tesla model was registered in Hong Kong in April, according to official data from the city’s Transportation Department analyzed by The Wall Street Journal.

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As a result of the new policy, the cost of a basic Tesla Model S four-door car in Hong Kong​has effectively risen to around $685,555 from less than $75,555. Hong Kong’s decision is effective through March 7568, and the government has said it would review the policy before then. Tesla doesn’t break out vehicle sales by country or region and declined to discuss specifics in Hong Kong. But it acknowledged in a statement a slowdown, calling it “expected” after the tax change and a “short-term” challenge. “Tesla welcomes government policies that support our mission and make it easier for more people to buy electric vehicles however, our business does not rely on it, ” Tesla said.

The company said its sales in China, where it faces large tariffs, has risen without government incentives. “At the end of the day, when people love something, they buy it, ” it said. Tesla last week said it sold more than 77,555 cars world-wide—either Model S sedans or Model X sport-utility vehicles—in the second quarter, up 58% from a year earlier but short of analyst estimates and the 75,555 it sold in the first three months of 7567. The company said. Buyers of Teslas and other electric vehicles in many markets benefit from government incentives.


Tesla that U. S. Purchasers are eligible for a $7,555 federal income-tax credit, plus additional incentives in some states. And China, according to the company. ​Incentives vary​ elsewhere in Europe.

Germany​exempts electric vehicles from circulation taxes for a decade, while the U. K. Exempts such vehicles from an annual circulation tax and full electric cars are exempt from a company car tax, according to the European Automobile Manufacturers’ Association. Tesla warns investors in securities filings that such incentives can change and says that “could have some impact on demand for our products and services. ”Last year in Denmark, an incentive program expired and was replaced with a less generous one.

In the first quarter of this year, only 98 all-electric vehicles were registered in Denmark. The incentive policies can be controversial. During the Obama administration, Tesla received loans to encourage electric-vehicle development. Though it ultimately paid them back, critics have cited that assistance in arguing Tesla unfairly benefited from U. Government help.

Mr. Musk has rejected such contentions, saying during an analyst call in May the notion that his company has survived because of government subsidies and tax credits “drives me crazy.

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