Morning Bites (part 1)

📌China’s new internal combustion engine car sales grew 12% YoY in December, after the 26% YoY spike in November. However, the numbers remained below their pre-Covid level (-12% vs. December 2019), amid the strong appetite for EVs, which continues to pressure PGM consumption. Overall, in 2023 ICE car sales rose 3% YoY (-16% vs. 2019). To recap, the Chinese automotive sector represents some 26% and 17% of the global demand for Pd and Pt, respectively

📌New EV sales in China surged 47% YoY in December, following the 31% YoY increase in November. Meanwhile, throughout 2023, sales rose 38% YoY. In our view, the record high local EV sales might further support the consumption of the battery metals basket (i.e. 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