Morning Bites

🇨🇳Total car sales in China were down 5% YoY in August, following broadly flat YoY growth in July

📌Sales of new catalyst-containing (ICE+hybrids) cars in China fell 20% YoY in August (vs. the 15% YoY decline in July). 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 18% YoY in August, vs. the 24% YoY gain in July. Local BEV sales (71% of total EV) gained 28% YoY, while PHEVs sales declined 1% YoY

#cars #EV #nickel #lithium #cobalt