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Electric & new energy vehicles
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Hong Kong needs more charging facilities as EV sales are expected to more than double by 2025, installer Cornerstone Technologies says

  • Hong Kong had 27,860 registered private EVs, or 4.2 per cent of the total number of registered private cars, in January
  • ‘We expect the penetration to reach around 10 per cent in a few years’, Cornerstone CEO Vincent Yip tells the Post

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Cornerstone’s CEO, Vincent Yip, left, and CFO, Barry Cheung, at an EV charging facility in Hong Kong’s Shek Yam Shopping Centre. Photo: KY Cheng
Eric Ng
Hong Kong needs to catch up on electric vehicle (EV) charging facilities to meet demand, as EV use could more than double to 10 per cent by 2025, according to Cornerstone Technologies.
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“Hong Kong’s EV fleet has been growing at 30 to 40 per cent per year in the past few years,” Vincent Yip Siu-hong, the CEO of Cornerstone, a key installer in the city, told the Post. “We expect the penetration to reach around 10 per cent in a few years.”

Hong Kong had 27,860 registered private EVs in January, accounting for 4.2 per cent of a total of 656,438 registered private cars, according to Transport Department data.

Cornerstone, which entered the charging infrastructure business in 2016, has fitted 1,500 charging points in various government and privately owned car parks, around a third of the total number installed in the city. It aims to install at least 1,000 charging points in 50 to 70 housing estates in the next 12 months, Yip said.

Cornerstone has fitted 1,500 charging points in various government and privately owned car parks in Hong Kong since 2016. Photo: KY Cheng
Cornerstone has fitted 1,500 charging points in various government and privately owned car parks in Hong Kong since 2016. Photo: KY Cheng

It has already installed charging facilities in estates developed by the Hong Kong Housing Society, Henderson Land Development, MTR Corporation and New World Development (NWD), as well as seven shopping centres managed by real estate private-equity firm Gaw Capital Partners and bus depots owned by KMB.

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By designing, sourcing, selling and installing EV charging equipment for property owners, it recorded a gross profit margin of 23.8 per cent last year.

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