Morning Bites

🇨🇳Total car sales in China increased 11% YoY in May (vs. +10% YoY in April)

📌China’s new ICE car sales declined 6% YoY in May, vs. the -10% YoY in April. Meanwhile, the sales of local catalyst-containing cars (ICE+PHEV) rose 1% YoY, as solid hybrid registrations offset the slowdown in pure ICE sales in recent months. In our view, this is a favorable factor for medium-term PGM market fundamentals. 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 37% YoY in May, being broadly in-line with the +44% YoY in April. Specifically, BEV sales (64% of total EV registrations) gained 43% YoY, while PHEVs added 27% YoY

#cars #EV #nickel #lithium #cobalt