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Morning Bites (part 2)

🚘US light vehicle sales were up 10% YoY in November from the low base (the same as in September-October). However, this was 19% below the 2019 level. Seasonally adjusted sales volumes also rose 10% YoY in November (17% below the 2019 level). Meanwhile, according to Reuters, some US car buyers are now pulling back from spending amid higher loan payments. We reiterate our negative outlook on US car sales amid inflationary pressures, which are unfavourable for PGM demand

#cars
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