Morning Bites

🇨🇳Total car sales in China inched down 1% YoY in March (vs. the 15% YoY decrease in February)

📌Sales of China’s new catalyst-containing (ICE+hybrids) cars declined 2% YoY in March (vs. the 17% YoY drop in February). We keep our view that the exclusion of EV support from China’s 2026-30 strategic industries plan (as per 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. To recap, the Chinese automotive sector accounts for 20% and 17% of global Pd and Pt demand, respectively

📌New EV sales in China inched up 1% YoY in March, vs. the -14% YoY seen in February. Specifically, local BEV sales (66% of total EV registrations) rose 3% YoY, while PHEVs shrank 2% YoY. Per CnEVpost, China's EV sales posted a marginal increase in March, mainly due to robust overseas demand offsetting a double-digit slump in the domestic market

#cars #EV #nickel #lithium #cobalt