COE Results April 2026 — Exercise 2: Cat A rises to $123,010, Cat B holds at $121,001

Cat A COE prices rose $5,010 to $123,010 in the second April 2026 exercise, closing on 22 April. Cat B was virtually unchanged at $121,001 — up just $1 from the previous round. The Open category (Cat E) climbed $4,001 to $125,002, crossing the $125,000 mark for the first time this year.

Cat A — Small Cars & EVs up to 110 kW

The quota premium closed at $123,010, a $5,010 increase (+4.25%) from the first April exercise. Demand remained firm at 1.91× oversubscribed, with 2,410 bids competing for 1,265 certificates. At $123,010, the QP now sits well above the prevailing quota premium of $107,407, indicating an upward trend that has yet to be reflected in the rolling average.

Cat B — Larger Cars & High-Output EVs

Cat B closed at $121,001, effectively flat from the previous exercise's $121,000. The oversubscription rate eased to 1.47× from 1.73× in the first April round, with 1,194 bids for 811 certificates. The QP remains above the PQP of $114,366, though the stabilisation suggests the category may be finding a short-term ceiling around the $121,000 level.

Cat E (Open) — Market Ceiling Indicator

The open category rose $4,001 to $125,002, making it the most expensive COE across all categories this exercise. Cat E accepts bids from all vehicle types except motorcycles, and its premium often signals the market ceiling. Oversubscription was the highest of the three categories at 2.05×, with 494 bids chasing 241 certificates.

Trend

Over the last three exercises, Cat A has climbed steadily from $111,890 (March Exercise 2) through $118,000 to $123,010 — a cumulative increase of $11,120. Cat B rose sharply from $115,568 to $121,000 before levelling off at $121,001, suggesting demand may have peaked for now. Cat E has followed a similar upward trajectory, moving from $118,119 to $121,001 to $125,002, gaining nearly $7,000 across the period.

What This Means for EV Buyers

Fully electric cars with motor output up to 110 kW — including the Tesla Model 3 Standard Range and BYD Seal entry variants — fall under Cat A. Higher-output EVs such as the Tesla Model Y and BYD Seal 230 kW variant require a Cat B certificate. With Cat A now at $123,010 and Cat B at $121,001, the usual Cat A discount has inverted: small-car buyers are currently paying about $2,000 more than those in the larger-car category. This is an unusual dynamic driven by stronger demand in Cat A, where oversubscription ran at 1.91× compared to Cat B's 1.47×.