Morning Bites (part 2)

📌China’s new internal combustion engine car sales grew 1% YoY in March, after the one-off 24% YoY decline in February. However, the numbers remained below their pre-Covid level (-24% vs. March 2019), amid the strong appetite for EVs, which continues to pressure local PGM consumption. 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 35% YoY in March, after the weak -9% YoY dynamics in February. In our view, high Chinese EV sales might further support the consumption of the battery metals basket (i.e. cobalt, lithium and nickel), as China has accounted for ~60% of global EV demand in 2023

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