Morning Bites

🇨🇳Total car sales in China declined 15% YoY in February (vs. a 3% YoY decrease in January)

📌China’s new catalyst-containing (ICE+hybrids) car sales dropped 17% YoY in February (vs. a 5% YoY reduction in January), which is at least partly associated with the later start of the Lunar New Year in 2026. We reiterate our view that 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. To recap, the Chinese automotive sector accounts for 20% and 17% of global Pd and Pt demand, respectively

📌New EV sales in China declined 14% YoY in February, vs. flat YoY dynamics in January. Specifically, local BEV sales (63% of total EV registrations) fell 11% YoY, while PHEVs shrank 20% YoY

#cars #EV #nickel #lithium #cobalt