Morning Bites

🚘US light vehicle sales increased 5% YoY in September, vs. the 6% YoY drop in August, per Marklines data. Total car sales in the US were broadly in-line with the pre-Covid (September 2019) level. Significantly, local sales remain stable overall YoY, despite affordability challenges (US average gasoline price was up 30% YoY in September)

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 22% and 16% of world autocatalyst Pd and Pt consumption, respectively, in 2025

#cars #PGMs