Morning Bites (part 3)

🚘US light vehicle sales inched up 2% YoY in October, following the 19% YoY growth in September (but were still 12% below the pre-Covid 2019 level). Seasonally adjusted sales volumes were up 5% YoY last month (-7% vs. 2019). According to a market source, the deceleration in sales was affected by labour union strikes against GM, Ford and Stellantis, which weighed on logistics. Meanwhile, we do not expect the US car market to rebound to pre-Covid levels in 2023 (sales in 10mo23 were +12% YoY, but remain 10% below the 10mo19 figure). Hence, local demand for PGMs from the automotive sector is likely to remain subdued, we believe. Of note, North America accounted for ~22% and 16% of the world autocatalyst Pd and Pt consumption, respectively, in 2022

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