Morning Bites (part 3)

🚘EU + UK passenger car registrations were up 17% YoY in November, accelerating from the 14% YoY gain in October and marking the third consecutive month of growth in 2022. Of note, the results were close to our estimate of 20% YoY growth for the month. However, sales are still 17% below the pre-COVID 2019 level (vs. -25% in October): despite supply chain issues easing of late, the November increase was mainly due to the low base effect. Overall, we reiterate our negative outlook on EU car sales, amid the deteriorating macroeconomic conditions globally and ongoing local energy crisis. Hence, in our view, historically soft EU car sales are likely to weigh on PGM demand from the auto industry

#cars
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