Hong Kong Sees Sharp Rise in Electric Car Sales Driving Retail Growth

Hong Kong experienced a substantial 12.8 per cent surge in retail sales during March, propelling first-quarter growth to 9.8 per cent. The latest provisional figures from the Census and Statistics Department underscored a lucrative period for the industry, with total March sales hitting HK$33.9 billion (US$4.32 billion). This notable upswing was primarily fueled by an impressive 80.8 per cent escalation in the value of car sales. The spike in purchasing activity was in response to the imminent expiration of tax breaks for electric cars as the month drew to a close. The surge in electric car sales contributed significantly to…