Buyers of a secondhand electric car may have to shell out an extra $2,400, the government announced Tuesday.
The price tag was added to the first year of an incentive program that guarantees the car to a buyer who can afford the extra cost.
This year’s price tag is $1,400 more than the original price for the Model S, which went on sale in late June.
The program began in 2016 and is aimed at reducing Hong Kong’s high housing costs.
The government announced that the incentive program is currently in its second year, which means the program is in its final year.
“The government has been committed to providing incentives to help encourage the development of electric vehicles,” the Hong Kong Transport Department said in a statement.
“We hope that the incentives will be extended beyond the second year of the program to help address the rising cost of housing.”
The program was first announced by the Hongkong government in August 2016, with the goal of making Hong Kong a more attractive place to live.