Morning Bites (part 2)

📌China’s new internal combustion engine car sales jumped 38% YoY in January from a low base, accelerating from the 12% YoY increase in December. However, the figures remained below their pre-Covid level (-25% vs. January 2019), amid the solid appetite for EVs, which continues 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 surged 79% YoY in January, after the 47% YoY rise in December. To recap, CAAM expects the local EV penetration rate to hit 40% in 2024 (vs. ~30% in January). 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 represented ~50% of global EV demand in recent months

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