Tesla Tops Hong Kong Car Registrations in February 2026

Tesla Tops Hong Kong's February Registration Chart

Tesla has secured the number-one position for private vehicle registrations in Hong Kong for February 2026, according to an announcement from the brand's official Hong Kong account. The Model Y took the top spot among individual models, with the Model 3 coming in directly behind it — giving Tesla a clean sweep of the two highest-selling positions in the city's private car market for the month.

This result continues a pattern of Tesla dominance in Hong Kong's EV segment. The brand previously led private vehicle registrations in November 2025, with the Model Y also topping that month's rankings. Back-to-back category leadership underscores how deeply Tesla has embedded itself in one of Asia's most competitive and EV-forward urban markets.

📊 Key Figures

The Incentive Window Is Closing

The timing of this result carries extra weight. Hong Kong's government "One-for-One Replacement" Scheme — which offers eligible private car owners a First Registration Tax (FRT) concession of up to HK$172,500 on electric vehicles — is set to expire after March 31, 2026. That deadline almost certainly accelerated purchase decisions in February, as buyers rushed to lock in savings before the window closes.

Tesla also ran exclusive offers for designated corporations and organisations through January and February 2026, and a "Trade In to Upgrade Your Ride" promotion for the Model 3 required delivery by February 28. The combination of government incentives and Tesla's own promotional push created a concentrated buying environment — and the registration numbers reflect exactly that.

🔭 The BASENOR Take

📰 Deep Dive

Hong Kong is a uniquely instructive EV market. It's dense, affluent, and has historically been receptive to premium electric vehicles — but it's also heavily shaped by government policy. The One-for-One Replacement Scheme, which has been running since 2021 and was extended with an enhanced HK$172,500 FRT concession cap from April 2024 through March 2026, has been a significant driver of EV adoption across the city. With approximately 149,000 EVs on Hong Kong roads as of December 2025 — representing about 16.3% of the total vehicle fleet — the city is well ahead of many comparable markets globally.

Tesla's consistent leadership in this environment is notable. The Model Y's position as the top-selling model is not a surprise — it has been the dominant EV in Hong Kong for multiple months — but the Model 3's strong second-place finish signals that demand for Tesla's sedan remains robust, particularly given the trade-in promotions that ran through February. Together, the two models effectively crowded out competition at the top of the market.

What makes March 2026 worth watching closely is the incentive cliff. Historically, markets that see strong EV adoption under government subsidy schemes experience a registration dip once those schemes expire or are reduced. Hong Kong's EV infrastructure and consumer awareness are now mature enough that the drop may be less severe than in earlier cycles — but it will be a genuine test of whether Tesla's brand strength and product lineup can sustain top-of-market performance without the tailwind of a HK$172,500 government concession. The data from Q2 2026 will be one of the clearest reads yet on the organic demand floor for premium EVs in Hong Kong.