The Model 3 has several customizable options such as wheel size, vehicle color and engine type, which might increase the cars’ cost, hence, affecting its positioning as a low-priced electric auto. This meant that on April 1, the price of a base Tesla Model S soared from below $75,000 to around $130,000.
The tax liability on purchasing a new auto in Hong Kong can sometimes be as high as the value of the vehicle itself.
The design matches that of a pre-production vehicle that was on display in front of the Tesla Gigafactory in Sparks, Nevada in July past year. It sold 14,370 cars a year ago, down from the 17,000 it expected to sell, according to a letter sent to shareholders in 2016. Now, the city has capped the tax waiver at HK$97,500 ($12,500) on private EVs, and is only applicable to first-time owners. DAVENPORT & Co LLC’s holdings in Tesla were worth $315,000 as of its most recent filing with the SEC.
The next drivers to get behind the wheel of the Model 3 will be the first 30 who already made reservations. “It’s a classic case of elasticity of demand”.
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A day later, Tesla disappointed investors last week with its second quarter delivery numbers, saying production was hit by a shortfall of batteries.
It’s fast- Being an electric auto doesn’t mean Model 3 is slow.
Tesla is coming off a rough week in which General Motors (GM) retook the lead as the most valuable US automaker.
At least 380,000 people have put down refundable $1,000 deposits for Model 3s, but Tesla hasn’t publicly updated that number since early a year ago. But alas, the sticker price on Elon Musk’s battery-powered ideations is still out of reach for most of us-Tesla’s original Master Plan never aimed to market the Model S and Model X to the frugal masses, after all. Korea Investment CORP now owns 494 shares of the electric vehicle producer’s stock worth $137,000 after buying an additional 342 shares in the last quarter.
Like other governments, Hong Kong offers a tax subsidy on certain electric vehicle purchases.
Crucial to Tesla’s visions The Model 3, which targets the middle market with a price of just $35,000, is seen as crucial to Tesla’s visions to bring electric cars mainstream.