Morning Bites (part 2)

🇨🇳Total car sales in China were broadly flat YoY in July, following the 3% YoY decline in June

📌Sales of new catalyst-containing (ICE+hybrids) cars in China fell 15% YoY in July (vs. -18% YoY in June). The CPCA attributed the recent drop in ICE car sales to rising fuel costs amid the Middle East conflict. Despite the negative dynamics, we maintain our view that the exclusion of EV support from China’s 2026-30 strategic industries plan, as well as potentially higher PGM loadings into local autocatalysts after 2026 (upcoming China 7 standard), might eventually bolster Pd/Pt fundamentals. To recap, the Chinese automotive sector accounts for 20% and 17% of global Pd and Pt demand, respectively

📌China’s new EV sales were up 24% YoY in July, matching the 24% YoY gain in June. Local BEV sales (69% of total EV) gained 32% YoY, while PHEVs sales increased 8% YoY

#cars #EV #nickel #lithium #cobalt