Morning Bites (part 1)

🚘US light vehicle sales rose 8% YoY in July, vs. the -6% YoY seen in June. The figure was marginally below the pre-Covid 2019 level (-2% vs. July 2019). 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 would 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