Morning Bites (part 2)

🚘US light vehicle sales were flat YoY in May, vs. the 7% YoY drop in April. Total car sales in the US were 9% below their pre-Covid (May 2019) level

Meanwhile, the share of catalyst-containing cars in local sales is set to gradually increase, we believe, as 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 (~8% of global BEV registrations in 2025), as was the case in Germany in early-2024, which is 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