EXPENSIVE DRIVING: Shanghai Plate Prices Hit Record
Monday, April 16th, 2012
The Shanghai Daily reports that car plate prices in Shanghai have reached a record high price of more than 60,000 yuan ($9,523).
The local government controls the number of plates that are issued each month and sells the plates at auction. Recently, the Shanghai government issued 8,500 plates for which there were 22,706 bidders. Apparently, bidders believe the plate price will continue to rise so they are willing to place high bids now.
The newspaper quoted one bidder who said, "It's really hard for me to afford a car plate costing more than 60,000 yuan while my new Volkswagen Polo only costs 77,900 yuan."
If you liked this article, you might find these interesting too...
- WI WHAT? WIFI; Why who? - 10-01-2014
- CULTURE: Barra Seeks to Change It at G.M. - 09-30-2014
- BATTERIES: Germany's SGL Seeks Lead in Lithium-ion Batteries for Car - 09-29-2014
- WHAT TO DO?: G.M. Looks to Hike Sales in China; With What? - 09-24-2014
- REGULATORY: Mitsubishi Electric, Hitachi Execs Accused of Price Fixing - 09-22-2014
- ASSEMBLY: Ford to Cut Production in Europe - 09-19-2014