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🚘EU + UK passenger car registrations rose 17% YoY in July, after the 19% YoY growth in June. The results were broadly in line with our estimates. The sales figures, however, were still 23% below the pre-COVID, 2019 level (-15% in June). Hence, we maintain our outlook that the adverse economic environment (indicated by consistently deteriorating PMIs in EU) are likely to further weigh on European car sales. This would in turn continue pressuring PGM consumption. The EU+UK accounted for some 20% and 32% of the world autocatalyst Pd and Pt demand, respectively, in 2022E.

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https://metals-wire.com:3000/sector/PGM