Shanghai license plates reach 48,855RMB (that’s $7,543USD)

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The quota for Shanghai’s private vehicle license plate totals 9,000 this month, same as the number last month. There are 22,474 actual bidders, slightly less than the May number, with the bid-winning rate to be 40%. The lowest bid-winning price this month is 48,500 yuan, up 1,100 yuan from last month, and the average bid-winning price this month is 48,855 yuan, up 1,155 yuan from last month.

The auction price of Shanghai’s private vehicle license plate has seen monthly increases this year. The quota set this month is the highest this year, but it still cannot meet the demand from Shanghai residents who still feel the need to take to the roads despite Shanghai having one of the largest subway networks in China.