Morning Bites

🚘US light vehicle sales rose 15% YoY in July, decelerating from the 21% YoY growth in June, but still 6% below the pre-Covid 2019 level. Seasonally adjusted sales volumes also grew 19% YoY last month (-6% vs. 2019). According to Reuters, citing S&P Global, delays within the supply chain are easing, which is helping automakers to ramp up production to meet demand. However, per the agency, high inflation rates in 2H23 might negatively affect affordability. In our view, a slowdown in sales recovery would further weigh on the US domestic market in 2023, and, therefore, keep PGM demand from the automotive sector stressed, as North America accounted for ~22% and 16% of the world autocatalyst Pd and Pt consumption, respectively, in 2022

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