Morning Bites (part 2)

🚘EU + UK passenger car registrations slid 5% YoY in June, reversing from the +2% YoY in May, per ACEA data. The decline in catalyst-containing car sales (-9% YoY in June) was partially offset by stronger BEV car registrations (+13% YoY in June)

We reiterate our view that the ongoing monetary easing cycle in the EU and China, the broadly expected US Fed rate cuts in 2H25, as well as the recently announced cancellation of EV-support programmes in the US (since late-September 2025), might bolster PGM market fundamentals

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

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