Morning Bites

📌China’s new internal combustion engine car sales dropped 21% YoY in July, accelerating from the -17% YoY in June. The figures remained well below their pre-Covid level (-27% vs. July 2019), amid the strong appetite for EVs, which continues to pressure PGM consumption (the share of local ICE sales dropped to 56% last month - the lowest point ever). 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 27% YoY in July, following the +30% YoY in June. 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 ~58% of global EV sales in 1H24

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