Morning Bites (part 2)

📌China’s new internal combustion engine car sales grew 6% YoY in October, after the 3% YoY gain in September. However, the numbers were still well below their pre-Covid level (-14% vs. October 2019), amid the strong appetite for EVs, which continues to weigh on PGM consumption. ICE car sales remained roughly flat YoY in 10mo23 (-15% vs. 10mo19). To recap, the Chinese auto sector represents some 26% and 17% of the global autocatalyst Pd and Pt demand, respectively

📌New EV sales in China surged 34% YoY in October, following the 28% YoY increase in September. Meanwhile, for 10mo23, sales rose 37% YoY. Overall, the continuous growth in EV sales might further support the consumption of the battery metals basket (i. e. cobalt, lithium and nickel), as China has represented ~50% of global EV demand in recent months

#cars #EV #nickel #lithium #cobalt
https://metals-wire.com:3000/news-reports