Morning Bites (part 1)

🚘EU + UK passenger car registrations increased 5% YoY in October, vs. the 11% YoY gain in September, per ACEA data. Specifically, local catalyst-containing car sales inched down 1%, while the overall growth was driven by BEVs (+36% YoY) in October. However, the overall figure was still 10% lower than the pre-Covid level (October 2019)

We reiterate our view that the ongoing monetary easing cycle in key global economies, the recently announced cancellation of EV-support programmes in the US (since late-September 2025), as well as potentially higher PGM autocatalyst loadings in China in coming years (due to planned China 7 emissions standard) might bolster Pd/Pt market fundamentals in the medium term

In 2024, the EU+UK accounted for some 23% and 26% of world autocatalyst Pd and Pt demand, respectively

#cars