Morning Bites (part 1)
   
📌China’s new internal combustion engine car sales jumped 26% YoY in November from a low base, following the 6% YoY increase in October. In 11mo23, ICE car sales have grown 2% YoY. However, the numbers remained below their pre-Covid level (-18% vs. November 2019), amid the increased appetite for EVs, which continue to weigh on PGM consumption. To recap, the Chinese auto sector represents some 26% and 17% of the world’s autocatalyst Pd and Pt demand, respectively
   
📌New EV sales in China jumped 31% YoY in November, after the 34% YoY gain in October. In 11mo23, local EV sales grew 36% YoY, while CAAM expects the EV penetration rate to hit 40% in 2024 (vs. ~35% in November). Overall, the continuous growth in EV sales might further drive up the consumption of the battery metals basket (e.g. cobalt, lithium and nickel), as China has accounted for ~50% of global EV demand in recent months
   
#cars #EV #nickel #lithium #cobalt    
https://metals-wire.com/news-reports