Morning Bites

🇨🇳Total car sales in China slid 3% YoY in April (vs. the 1% YoY decrease in March)

📌Sales of China’s new catalyst-containing (ICE+hybrids) cars declined 8% YoY in April (vs. the 2% YoY drop in March). 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

📌China’s new EV sales rose 10% YoY in April, vs. the +1% YoY in March. Specifically, local BEV sales (67% of total EV registrations) rose 10% YoY, while PHEVs gained 9% YoY. Per CnEVpost, overseas markets continued to expand rapidly, with this robust external demand providing a sustained momentum for the overall stability of China's auto industry

#cars #EV #nickel #lithium #cobalt