Morning Bites (part 1)

📌China’s new internal combustion engine car sales plunged 22% YoY in August, in line with the -21% YoY in July. The figures continue to be materially below their pre-Covid level (-28% vs. August 2019), amid the strong appetite for EVs, thus affecting PGM consumption (the share of local ICE car sales declined to 55% last month - another historical low). We recap that the Chinese automotive sector accounts for 20% and 17% of global Pd and Pt demand, respectively

📌New EV sales in China jumped 30% YoY in August, following the +27% YoY in July. In our view, 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 ~58% of global EV sales in 1H24

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