Morning Bites

🚘EU + UK passenger car registrations increased 4% YoY in May, vs. the 7% YoY gain in April, per ACEA data. The numbers were broadly in-line with preliminary estimates. The overall figure, however, was still 20% lower than the pre-Covid level (May 2019). Specifically, local catalyst-containing car sales slid 4% YoY, while BEV registrations surged 41% YoY last month

In our view, PGM supply issues (e.g., recent SBSW guidance until 2040), the 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

In 2025, the EU+UK accounted for some 23% and 25% of world autocatalyst Pd and Pt demand, respectively

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