Morning Bites

🚘EU + UK passenger car registrations rose 11% YoY in March, vs. the 2% YoY drop in February, per the ACEA data, being in-line with preliminary estimates. The overall figure was still 11% lower than the pre-Covid level (March 2019). Specifically, local catalyst-containing car sales grew 5% YoY, while BEV registrations surged 41% YoY last month

In our view, PGM supply issues (e.g., recent SBSW guidance until 2040), 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, we believe. Moreover, inflationary pressure, if high oil prices persist, might eventually trigger a bull-run in precious metals prices

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

#cars