Morning Bites

🚘EU + UK passenger car registrations increased 4% YoY in August, vs. the 6% YoY gain in July, per ACEA data. However, the figure was still 27% lower than the pre-Covid level (August 2019). Specifically, catalyst-containing car registrations were flat YoY, while the overall growth was mainly attributable to stronger BEV car sales (+28% YoY in August)

We reiterate our view that the ongoing monetary easing cycle in the EU, US and China, 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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