Morning Bites

🚘EU + UK passenger car registrations rose 5% YoY in August, accelerating from the 4% YoY gain in July, per ACEA data. The result was broadly in-line with preliminary estimates, although volumes remained 23% lower than the pre-Covid level (August 2019). Specifically, local catalyst-containing car sales decreased 6% YoY (ICE+HEV -10% YoY, PHEV +14% YoY), while BEV registrations jumped 57% YoY last month

We believe that tightening PGM supply (e.g., recent long-term SBSW guidance), the cancellation of EV subsidy 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), could support Pd/Pt market fundamentals in the medium term

In 2025, the EU+UK represented approximately 23% and 25% of global autocatalyst demand for palladium and platinum, respectively

#cars