Morning Bites

🇨🇳Total car sales in China grew 12% YoY in November (vs. +7% YoY in October)

📌China’s new ICE car sales dropped 7% YoY in November, after the 14% YoY fall in October. Although the growing appetite for EVs in China is affecting PGM consumption, sales of catalyst-containing cars (ICE + PHEV) rose 6% YoY in November. We note that the Chinese automotive sector accounts for 20% and 17% of global Pd and Pt demand, respectively

📌New EV sales in China jumped 47% YoY in November, vs. +50% YoY in October. Specifically, BEV (60% of total EV registrations vs. 68% a year ago) sales grew 29%, while PHEVs added 86% YoY. Given the gradual shift to hybrids in China (which 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