Tesla, Inc. TSLA may soon begin deliveries of its Model Y, a midsize, all-electric SUV, in Hong Kong — a market CEO Elon Musk once dubbed as a "beacon city for EVs."
What Happened: Model Y deliveries will begin in Hong Kong and Macau as early as September, the South China Morning Post said, citing the company.
Tesla plans to make available in Hong Kong all three Model Y versions, namely standard, long and performance, the report said.
Under the Hong Kong government's one-for-one replacement scheme, which provide concessions of as much as 287,500 Hong Kong dollars ($36,986), a standard range Model Y will be available in Hong Kong at 239,800 Hong Kong dollars, the report said.
Why It's Important: Tesla launched the Model Y vehicle in the U.S. in March 2019 and began deliveries in March 2020. The company started selling the model in China in January this year.
Hong Kong is aiming to have no new registrations of fossil fuel cars, including hybrids, by 2035 or earlier, the report said, citing officials. This should bode well for Tesla, which accounted for the bulk of EVs sold in Hong Kong in 2019.
Tesla shares gained 3.27% Monday, closing at $709.67.
Related Link: Tesla's FSD Could Alone Be Worth Much More Than The EV Giant's Current Market Cap In a Decade: Analyst
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