Morning Bites (part 1)

🇨🇳Total car sales in China were down 8% YoY in September, vs. a 5% decline YoY in August

📌Sales of new catalyst-containing (ICE+hybrids) cars in China fell 23% YoY in September (vs. the 20% YoY decline in August). The CPCA attributed September’s weakness in gasoline-powered car sales to high fuel prices and subdued consumer sentiment. 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 2026-27 (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 14% YoY in September, vs. the 18% YoY gain in August. Local BEV sales (70% of total EV) gained 21% YoY, while PHEV sales were broadly flat YoY

#cars #EV #nickel #lithium #cobalt