Morning Bites

🚘EU + UK passenger car registrations were flat YoY in April, vs. +3% YoY in March. The growth was mainly driven by BEV sales (+30% YoY in April), while catalyst-containing car registrations slid 5% YoY; the figure matched our estimates, remaining 20% below the pre-COVID 2019 level

We maintain our view that the ongoing monetary easing cycle in the EU/US and China, the increase in EU import duties (from 10% up to 45%) on Chinese BEVs (encouraging the production of catalyst-containing cars), and the expected cancellation of EV-support programmes in the US (which could even be replaced with USD 1,000 new EV purchase tax), might bolster PGM market fundamentals

In 2024, the EU+UK accounted for some 23% and 26% of world autocatalyst Pd and Pt demand, respectively

#cars