Morning Bites

🚘EU + UK passenger car registrations fell 3% YoY in January, vs. the 6% YoY gain in December, per the ACEA data. The overall figure was still 21% lower than the pre-Covid level (January 2019). Specifically, local catalyst-containing car sales fell 7% YoY, which was partially offset by the strong BEV registrations (+20% YoY) last month

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

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

#cars