Morning Bites (part 2)

🚘EU + UK passenger car registrations inched up 1% YoY in November, vs. the 5% YoY gain in October, per the ACEA data. Specifically, local catalyst-containing car sales fell 5%, which was offset by the strong perfomance from BEVs (+35% YoY) last month. However, the overall figure was still 12% lower than the pre-Covid level (November 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 (from late-September 2025), as well as potentially higher PGM autocatalyst loadings in China in the 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