Morning Bites

🚘EU + UK passenger car registrations increased 6% YoY in July, reversing the decline of 5% YoY in June, per ACEA data. However, the figure in July was 19% lower than the pre-Covid level in 2019. In particular, catalyst-containing car sales (+1% YoY in July) were broadly flat YoY, while the overall growth was mainly driven by stronger BEV car registrations (+33% YoY in July)

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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