COE Results May 2026 — Exercise 1: Cat A rises to $124,790, Cat B at $126,236

Cat B COE prices jumped $5,235 to $126,236 in the first May 2026 exercise, closing on 6 May — the largest single-exercise increase across all categories. Cat A rose $1,780 to $124,790, while the Open category (Cat E) climbed $2,698 to $127,700. All three categories hit fresh highs for the year.

Cat A — Small Cars & EVs up to 110 kW

The quota premium closed at $124,790, up $1,780 (+1.45%) from the second April exercise. Demand eased slightly to 1.59× oversubscribed, with 2,071 bids for 1,301 certificates. The QP remains well above the prevailing quota premium of $112,324, confirming that the upward trend has not yet fed through to the rolling average.

Cat B — Larger Cars & High-Output EVs

Cat B closed at $126,236, a $5,235 increase (+4.33%) that broke decisively through the $121,000 level where it had stalled for two consecutive exercises. Oversubscription held at 1.51×, with 1,332 bids for 883 certificates. The QP now exceeds the PQP of $114,577 by more than $11,600, the widest gap of the three categories.

Cat E (Open) — Market Ceiling Indicator

The open category rose $2,698 to $127,700, maintaining its position as the most expensive COE. Cat E accepts bids from all vehicle types except motorcycles, and its premium typically signals the market ceiling. Oversubscription was the highest of the three categories at 1.89×, with 479 bids competing for 254 certificates.

Trend

Over the last four exercises, all three categories have moved in one direction: up. Cat A has risen from $111,890 (March Exercise 2) to $124,790, gaining $12,900. Cat B climbed from $115,568 to $126,236 after spending two rounds flat at $121,000. Cat E has followed a similar trajectory, rising from $118,119 to $127,700. The persistent increases across categories suggest sustained demand against limited quota supply.

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 at $124,790. Higher-output EVs such as the Tesla Model Y and BYD Seal 230 kW variant require a Cat B certificate at $126,236. The Cat A–Cat B inversion seen in the previous exercise has corrected: Cat B is now $1,446 above Cat A, restoring the typical pricing relationship where larger and more powerful vehicles carry a higher COE cost.