China's dominance in the electric vehicle (EV) market continues to grow as Schneider Electric, a global leader in energy management and automation, announces its plans to quintuple sales of EV chargers in Hong Kong. The company aims to sell 15,000 EV chargers in Hong Kong by 2026, a significant increase from the current 3,300 units. Schneider Electric will focus on placing chargers in residential estates and partnering with car sellers to expand accessibility to EV charging infrastructure [ae72a619].
Hong Kong currently has 8,056 EV chargers available for public use, and there are 81,435 registered plug-in EVs in the city. To support the growing demand for EVs, the Hong Kong government plans to increase the number of EV charging points to about 200,000 by mid-2027. This ambitious plan reflects the government's commitment to expanding EV infrastructure and promoting sustainable transportation options [ae72a619].
Schneider Electric recently launched EV chargers for homes priced at HK$6,980, making it more convenient for EV owners to charge their vehicles at home. Additionally, property developer Sino Group has installed 62 EV chargers at its projects, further contributing to the availability of EV charging infrastructure in Hong Kong [ae72a619].
In addition to Schneider Electric's plans, Cellecor Gadgets Limited has announced the establishment of its wholly-owned subsidiary in Hong Kong, named Cellecor Gadgets HK Limited. The new subsidiary will serve as a pivotal hub for Cellecor Gadgets' procurement of critical components and operational activities. The expansion will position the company closer to key suppliers and partners. Ravi Agarwal, Managing Director of Cellecor Gadgets, stated that the establishment of the subsidiary enhances their ability to meet the evolving demands of the electronics and consumer durables goods market. The expansion reinforces their commitment to operational excellence and customer satisfaction [acbd364a].
Furthermore, Chinese electric-vehicle (EV) maker Hozon New Energy Automobile Co. Ltd. has filed for an IPO in Hong Kong to support its global expansion. The proceeds will be used to expand into overseas markets and enhance the global presence of its EV brand Neta Auto. Hozon received a joint investment of at least 5 billion yuan ($688 million) from three Chinese government-backed firms in April. Neta Auto has already expanded to Southeast Asia, Latin America, the Middle East, and Africa, with manufacturing plants in Thailand and Indonesia. Hozon plans to use part of the IPO proceeds to further improve technology and infrastructure [14235dc4].
Sales of electric vehicles (EV) have overtaken conventional cars in Hong Kong, with a penetration rate of over 90% of all private cars registered in April 2024. EV owners in Hong Kong are generally happy with the EV experience, but they have a few pet peeves. Charging an EV costs about a third less each month compared to filling up a petrol-powered car. However, the time taken to charge an EV is much longer than refueling a conventional car. There are 8,728 EV chargers for public use in Hong Kong, but finding charging facilities can be challenging [c8ed5605].
To support the growing demand for EVs, the Hong Kong government has implemented a 'one-for-one replacement' scheme since 2018, granting concessions to car owners to replace their petrol cars with EVs. The government has extended the subsidy scheme for another two years until March 2026. Additionally, the government's decarbonization road map aims to attain zero vehicular emissions by 2050, further incentivizing consumers to prioritize EVs [c8ed5605].
Hong Kong is emerging as a key market and testing ground for Chinese EV makers. The market share of Chinese EV brands in Hong Kong nearly doubled to 30% in June, from 16% a year ago. Hong Kong's right-hand drive makes it a good testing ground for Chinese EV brands, allowing them to fine-tune their products based on feedback from Hong Kong consumers. The city's high EV penetration rate and a good ratio of charging facilities make it an ideal incubator for an EV brand with an international perspective. Tesla remains the top EV brand in Hong Kong, with over 40,000 registered vehicles. However, the lack of policies and regulations for autonomous driving and an ecosystem for EV batteries may hinder Hong Kong's rise as an EV testing hub. Nonetheless, the Hong Kong government has mandated that 90% of all vehicles must be replaced by EVs by 2035, further solidifying the city's commitment to electric mobility [ae72a619] [c8ed5605] [f5d7ab97].