Morning Bites (part 2)

📌China’s new internal combustion engine car sales decreased 17% YoY in June, after the 12% YoY decline in May. The sales remained materially below their pre-Covid levels (-21% vs. June 2019), amid persistently strong appetite for EVs, which is in turn affecting 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 increased 30% YoY in June, after the 33% YoY gain in May. Overall, continuously 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