Morning Bites

🇨🇳Total car sales in China grew 7% YoY in October (vs. -2% YoY in September)

📌China’s new internal combustion engine car sales dropped 14% YoY in October, after the 22% YoY fall in September. The figures were well below their pre-Covid level (-31% vs. October 2019), amid growing appetite for EVs in China, which is affecting PGM consumption (the share of local ICE car sales declined to 53% last month). 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 50% YoY in October, accelerating from the +42% YoY in September. Specifically, BEV (59% of total EV registrations vs. 68% a year ago) sales grew 30%, while PHEVs have added 89% YoY. Given the gradual shift to hybrids in China (which also contain catalysts), this might add some support to the PGM market fundamentals in the medium term

In 1H24, China accounted for ~58% of global EV sales

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