Morning Bites

🚘US light vehicle sales rose 6% YoY in September, after the 2% YoY increase in August. Despite the positive dynamics, the volumes remained 4% below their pre-Covid 2019 levels, with EVs driving most of the growth ahead of expiring subsidies

To remind readers, the US Congress has recently approved new budget legislation that eliminated USD 7,500 and USD 4,000 tax credits for buying new and used EVs, respectively, since the end of September 2025. In our view, this change 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, in our view: 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