Car dealerships busy with surging orders as "One-for-One" tax concession about to end
發佈日期: 2026-02-26 20:57
TVB News
The "One-for-One Replacement" Scheme for private electric vehicles will no longer be extended upon its expiry date on March 31.
Some car dealerships said residents can still enjoy the tax concessions if they purchase in-stock vehicles before the end of next month.
But some lawmakers have expressed concerns that ending the incentive may hinder the growth of Hong Kong's e-car market.
Exhausted but still working, some car dealerships were handling a surge in orders last night.
The unprecedented demand was triggered by the government's Budget announcement that the "One-for-One" tax concession scheme will soon come to an end.
This car dealerships sold more than 300 electric vehicles in a single day, with staff working until 3 a.m. last night.
Eric Wong, CEO of the company said many residents rushed to make the orders without eating or sleeping.
According to the government's blueprint on electric vehicles, the registration of fuel vehicles will end by 2035.
It is estimated there will be more than 290,000 electric cars in 2030.
As of last November, there were only 136,000 electric cars in the city -- meaning that number have to double within the next four years to hit the target.
Lawmaker Ben Chan said some e-car brands may lose interest in doing business in the city, if sales volumes fall short of their expectations after the waiver is discontinued.
Financial Secretary Paul Chan said the decision to end the scheme was not for financial reasons.
Over the eight years of "One-for-One" scheme, the total tax waived has reached nearly 29.4 billion dollars.
2023 saw the highest number of EV purchases, involving 7.4 billion dollars in waived tax.
