Morning Bites (part 2)

📌China’s new internal combustion engine car sales declined 1% YoY in April, after the 1% YoY gain in March. The numbers were still slightly below their pre-Covid levels (-2% vs. December 2019), amid the strong appetite for EVs, which continues to pressure PGM consumption. To recap, the Chinese automotive sector represents some 20% and 17% of the global demand for Pd and Pt, respectively

📌New EV sales in China surged 34% YoY in April, in line with the 35% YoY increase in March. In our view, persistently 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