Morning Bites

🇨🇳Total car sales in China decreased 3% YoY in January (vs. -6% YoY in December)

📌China’s new cataIyst containing (ICE+hybrids) car sales dropped 5% YoY in January (vs. -14% YoY in December). However, the exclusion of EV support from China’s 2026-30 strategic industries plan (as recently reported by Reuters), as well as the potentially higher PGM loadings into local autocatalysts after 2026 (due to the upcoming China 7 emissions standard), are likely to bolster Pd/Pt market fundamentals in the medium term, in our view. To recap, the Chinese automotive sector accounts for 20% and 17% of global Pd and Pt demand, respectively

📌New EV sales in China were flat YoY in January, vs. the +7% YoY in December. Specifically, local BEV sales (63% of total EV registrations) gained 4% YoY, while PHEVs shrank 6% YoY

#cars #EV #nickel #lithium #cobalt