Morning Bites (part 1)

📌China’s new internal combustion engine car sales dropped 12% YoY in May, after the -1% YoY in April. The numbers remained well below their pre-Covid levels (-19% vs. May 2019), amid the strong appetite for EVs, which keeps pressuring 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 gained 33% YoY in May, following the +34% YoY in April. In our view, persistently strong local EV demand might add further support to the consumption of the battery metals basket (cobalt, lithium and nickel), as China accounted for ~55% of global EV sales in 1Q24

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