IMPORTANT NEWS: The future of Hong Kong EV market being revealed NOW

[DITB]

Any moment now, the budget in Hong Kong (including the exemption of FRT - First Registration Tax), will be cast LIVE.

It's not a matter of the end or not for Tesla, but if the FRT exemption is not extended past March 31st, 2014, the whole market for Tesla model S in Hong Kong will be crippled.

The 2014-15 Budget - Webcasting

Watch here, links should be live NOW: The 2014-15 Budget - Webcasting

If the FRT exemption is NOT extended, a full spec Tesla model S will cost 2.3 times the current price, before it even hits the market in Hong Kong.

For more, see this thread in the HK forums.

FRT budget major event: 26 Feb 2014 11:00 HKT. Countdown from 10:45

 

[TD1]

given the recent smog development in China and HK, it would be an idiotic move not to extend the FRT exemptions.

 

[Discoducky]

Anyone watching?

 

[DITB]

Links are active:

Choose platform and language, though the broadcast will probably not start before on the hour.

- - - Updated - - -

Anyone watching?

You can bet your sweet frunk, there are people watching!

Forget the Superbowl or the HK Sevens, this is real excitement!

I just hope this will not be as prolonged as ... a Super Bowl ...

 

[772]

I'll be watching this, thanks :smile:

w/ added bonus of Feb HSI futures expiring tomorrow

 

[DITB]

It's LIVE now, but it starts with some other stuff.

Mark (local Tesla God in Hong Kong) says it normally takes two hours, the whole budget speech.

Watch out for

"automobile"
"FRT"
"First Registration Tax"
"Exemption"
"EV"

 

[StapleGun]

Thanks for the link.

In case anyone else wasn't aware, the FRT (First Registration Tax) is currently waived for EVs. The rate I found here is:

• 40% on the first taxable value amount up to HK$150,000 ($19,300)
• 75% on the next HK$150,000 ($19,300)
• 100% on the next HK$200,000 ($25,800)
• 115% on any remaining value.

So for a $70k Model S the FRT (if not waived) would be $54,000. At $100k the FRT would be $89k, and for a $125k FRT would be $118k.

 

[772]

OK here we go

 

[DITB]

Thanks for the link.

In case anyone else wasn't aware, the FRT (First Registration Tax) is currently waived for EVs. The rate I found here is:



So for a $70k Model S the FRT (if not waived) would be $54,000. At $100k the FRT would be $89k, and for a $125k FRT would be $118k.

Which is 2.3 times up on the price on full spec model S.

ENVIRONMENT is on NOW on the podcast.

 

[772]

Proposed to extend FRT waiver for EVs for 3 years

 

[TD1]

will be extended for 3 more years till 2017

 

[DITB]

2017?

As far as I heard, FRT EV exemption is until 2017 for now.

Anyone confirm this? It was so quick!

 

[StapleGun]

Proposed to extend FRT waiver for EVs for 3 years

Woohoo! The proposal would last until 2017.

 

[DITB]

I'm confirming now, but it seems the Tesla Motors website is overloaded, hahahaha!

Yayayyayay!

PROPOSED, I don't care, I confirm, I confirm.

Time to get the champagne out!

 

[772]

LOL, congrats!

 

[DITB]

Took a while

It took several minutes for this screen to clear - finally confirmed!!!

It seems quite a lot of reservation holders were confirming around the same instant.

 

[StapleGun]

It took several minutes for this screen to clear - finally confirmed!!!

It seems quite a lot of reservation holders were confirming around the same instant.

View attachment 44173

Congrats! I didn't realize this would cause people right now to be waiting to confirm.

Does "proposal" in this case means that it will almost certainly be enacted? In the US legislation is proposed all the time that has little chance of ever becoming a law.

 

[DITB]

I will bet my sequence number that Tesla Hong Kong is celebrating as I write this.

Yes, it took MINUTES for that page to load, maybe even 5 minutes. I must have been one of the slower ones to confirm - the announcement was just a few sentences, after they started talking about environment.

Let's see how this affects stock prices. Effectively, this has meant the sales of thousands of more Tesla model S, and maybe also model X, if they can get their finger out and make RHD models before March 31st, 2017.

Congrats! I didn't realize this would cause people right now to be waiting to confirm.

Does "proposal" in this case means that it will almost certainly be enacted? In the US legislation is proposed all the time that has little chance of ever becoming a law.

 

[markwj]

Congrats! I didn't realize this would cause people right now to be waiting to confirm.

Does "proposal" in this case means that it will almost certainly be enacted? In the US legislation is proposed all the time that has little chance of ever becoming a law.

It is a budget proposal that must still be passed as law. That said, here it generally is.

 

[DITB]

Hong Kong EV registration tax exemtion PROPOSED exempted for another three years!

This has HUGE and ESSENTIAL impact on the whole HK market for EVs, and potentially 1000s of Tesla model S (and X?). Model E, remains to be seen three years from now, whether or not it will be exempt, yet again.

FRT Exemption extended to March 31st, 2017.

No, this is not just like a "$7,500 incentive". Without the FRT exemption, a full spec model S would be 2.3 TIMES more expensive in Hong Kong.

Check the Hong Kong forums for more

Hong Kong

We are all buzzing with excitement!

"Proposed" in Hong Kong law apparently means as good as final. Mark?

I don't have TSLA stock, or any other stock for that matter. Any signs in TSLA value? Maybe markets are closed now in the US, let's see when it's Wednesday morning in the US