Morning Bites

📌China’s new internal combustion engine car sales dropped 22% YoY in September, in line with August's dynamics. The figures remain materially below their pre-Covid level (31% lower than September 2019), amid the strong appetite for EVs, affecting PGM consumption (the share of local ICE car sales declined further to 54% last month -- another historical low). We note that the Chinese automotive sector accounts for 20% and 17% of global Pd and Pt demand, respectively

📌New EV sales in China surged 42% YoY in September, following the 30% YoY gain in August. Specifically, PHEV and BEV sales grew 84% and 24% YoY, respectively. In our view, continuously strong local EV demand, along with new monetary easing measures in China, 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