Morning Bites

🚘US light vehicle sales fell 2% YoY in February, vs. the flat YoY dynamics seen in January. Total car sales in the US were also 8% below their pre-Covid (February 2019) level

Meanwhile, the share of catalyst-containing cars in local sales is to gradually increase, we believe, as new US budget legislation eliminated USD 7,500 and USD 4,000 tax credits for buying new and used EVs, respectively, from the end of September 2025. In our view, this factor will further weigh on BEV sales in the US (~10% of global EV registrations in 2024), as was the case in Germany in early-2024 - supportive for PGM market fundamentals

On our numbers, North America accounted for 24% and 15% of world autocatalyst Pd and Pt consumption, respectively, in 2024
    
#cars #PGMs