Tesla will launch the Model Y electric SUV in Hong Kong in coming days, marking the first right-hand drive market to receive what CEO and co-founder Elon Musk believes will be the EV maker’s most popular electric vehicle and giving hints at Australian pricing.
Three variants of the Model Y will be on sale in Hong Kong from July 2, according to the administrative region’s customs website.
Pricing will start at $HK329,800, which equates to around $A56,500 at today’s rates, for the Standard Range variant.
The Long Range variant will start at $HK377,800 ($A64,780 converted) and the Performance version will start at $HK419,800 ($A71,981 converted). According to the customs website, prices do not include the first registration tax, a substantial amount.
It is understood that the launch date will see orders open for the RHD Model Y on Friday, and word on the street is that deliveries will start 8 weeks after that, at the start of September.
it should also be noted that although the Hong Kong customs website shows three prices, the Standard Range Model 3 is not available in other markets currently, and may also not be immediately in Hong Kong, or Australia, either.
The question on everyone’s lips of course is what does the Hong Kong pricing and launch date mean for Australia?
Australia’s EV market is notoriously thin on the ground. While that is slowly improving with several new models launched by other carmakers in 2021, anticipation for the Model Y is high.
But so is speculation about pricing, as we’ve reported on here and here.
Comparing Model 3 pricing in Hong Kong to that of Australia, we can extrapolate further. The comparison suggests that the Model Y Standard Range Plus will come in under $A70,000, while the Long Range could cost about $A83,000 and the Performance version could cost around $A94,000.
| Hong Kong | Australia | |
| M3 SR+ | $HK299,800 | $A62,900* |
| M3 LR | $HK355,000 | $A77,900* |
| M3 P | $HK399,800 | $A89,900* |
| MY SR | $HK329,800 | $A69,194 |
| MY LR | $HK377,800 | $A82,903 |
| MY P | $HK419,800 | $A94,397 |
* Actual Model 3 pricing before on-road costs
However – and it is a big however – in Hong Kong a substantial “first registration tax” (FRT) is applied to new vehicles purchases at a rate of 46% of the first $HK150,000, 86% on the second $HK150,000 and 115% on the next $HK200,000.
Therefore Tesla could be setting its price low in Hong Kong to account for the final price including FRT, which means the final price range for the Model Y in Hong Kong is actually in the vicinity of $HK95,000-128,000:
| Hong Kong | Australia | Cost with FRT | Cost with FRT (in AUD) | |
| M3 SR+ | $HK299,800 | $A62,900* | $HK497,628 | $A84,597 |
| M3 LR | $HK355,000 | $A77,900* | $HK616,250 | $A104,763 |
| M3 P | $HK399,800 | $A89,900* | $HK712,570 | $A121,137 |
| MY SR+ | $HK329,800 | $A69,194 | $HK562,070 | $A95,552 |
| MY LR | $HK377,800 | $A82,903 | $HK665,270 | $A113,096 |
| MY P | $HK419,800 | $A94,397 | $HK755,570 | $A128,447 |
* Actual Model 3 pricing before on-road costs
In Australia, both the Model Y Long Range and Performance (at the prices suggested in the first chart above) would be subject to the Luxury Car Tax which is 33% for every dollar above $A79,659 for “fuel efficient” vehicles. All variants would avoid stamp duty in NSW and the ACT.
It would also appear that even the Standard Range Plus Model Y will not be eligible for the $3,000 rebate being offered in NSW and Victoria using the ratio in our calculations above as the threshold for rebates in NSW and Victoria is $A68,750 and $A68,740 respectively.
It will be interesting to see what decision Tesla makes for pricing in Australia – and for a full explainer on which incentives apply in which states see this article here.
As for an Australian launch date, this writer has previously suggested we may be waiting until October. But with Hong Kong now readying for a Model Y launch it could be sooner than we think.
This article has been updated to clarify information about the Standard Range Plus Model 3.
Bridie Schmidt is associate editor for The Driven, sister site of Renew Economy. She has been writing about electric vehicles since 2018, and has a keen interest in the role that zero-emissions transport has to play in sustainability. She has participated in podcasts such as Download This Show with Marc Fennell and Shirtloads of Science with Karl Kruszelnicki and is co-organiser of the Northern Rivers Electric Vehicle Forum. Bridie also owns a Tesla Model Y and has it available for hire on evee.com.au.