Quota for Categories A and C Sees Largest Increase

1.             The Certificate of Entitlement (COE) quota for November 2023 to January 2024 will be 12,774. Details of the quota for each COE category are in Annex A. Bidding under this quota will start on 6 November 2023.

2.             The COE quota consists of the following components:

a.   25% of the replacement COEs from vehicles deregistered in the twelve-month period from October 2022 to September 2023;

b.   Provision for 0.25% per annum growth for Category C based on the Category C vehicle population as of 31 December 2022; and

c.   Adjustments for changes in the taxi population, expired COEs, Early Turnover Scheme for commercial vehicles and redistribution from guaranteed deregistrations for Category A and Category B.

3.             Overall, the COE quota for November 2023 – January 2024 is 13% higher than the last quarter (August 2023 – October 2023). The quota for Category A (mainly used for mass market cars) is 22% higher than the previous quarter and 81% higher than the same quarter last year. This is facilitated by bringing forward 1,570 guaranteed de-registrations of vehicles on 5-year renewal. The quota for Category C (for goods vehicles and buses) is 35% higher than the previous quarter and 124% higher than the same quarter last year.

4.             COE quota for Categories A, B and C are expected to continue to increase in 2024, whilst Category D quota in 2024 is expected to be comparable to 2023.

5.             The next quota announcement for the bidding period of February 2024 to April 2024 will be made in January 2024.

Annex A: Monthly COE Quota for November 2023 to January 2024