Morning Bites (part 2)

🚘US light vehicle sales fell 5% YoY in October, reversing from the 6% YoY gain in September. The negative dynamics were mainly driven by the EV segment as some key subsidies have expired. Total sales were also 8% below their pre-Covid (2019) levels

To recap, the new US budget legislation eliminated USD 7,500 and USD 4,000 tax credits for buying new and used EVs, respectively, from the end of September 2025. In our view, this factor will further weigh on BEV sales in the US (~10% of global EV registrations in 2024), as was the case in Germany in early-2024. However, this would be simultaneously supportive 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