Morning Bites

🚘US light vehicle sales declined 6% YoY in June, vs. the +1% YoY seen in May. The figure was also well below the pre-Covid 2019 level (-18% vs. June 2019). According to Marklines, the sales declined markedly (especially among Japanese and European brands), as the rush-buying in anticipation of price hikes ahead of tariffs came to an end

Meanwhile, the US Congress has recently approved new budget legislation that will eliminate existing USD 7,500 and USD 4,000 tax credits for buying new and used EVs, respectively, by the end of September 2025. In our view, this move will negatively affect BEV sales in the US (~10% of global EV registrations in 2024), as was the case in Germany in early-2024. However, this is a favourable factor for PGM market fundamentals: the share of catalyst-containing cars in local sales will gradually increase, we believe

On our numbers, North America accounted for 24% and 15% of world autocatalyst Pd and Pt consumption, respectively, in 2024
    
#cars #PGMs