Morning Bites (part 1)

🚘US light vehicle sales rose 16% YoY in August, following the 15% YoY growth in July (but were still -20% vs. the pre-Covid 2019 level). Seasonally adjusted sales volumes were up 15% YoY last month (-11% vs. 2019). According to market participants, economic headwinds driven by high interest rates and car prices might slow the sales recovery in 2H23. Overall, we do not expect the US car market to rebound to pre-Covid levels in 2023, and so think that the local demand for PGMs from the automotive sector is likely to remain subdued. We remind readers that North America accounted for ~22% and 16% of the world autocatalyst Pd and Pt consumption, respectively, in 2022

#cars  
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