Morning Bites (part 2)
 
📌China’s new internal combustion engine car sales surged 72% YoY in April, from a low base. Overall, the performance is still below the pre-Covid level (-19% vs. April 2019) which, along with the growing appetite for EVs, keeps weighing on the demand for PGMs. We note that the Chinese auto sector accounts for some 26% and 17% of world autocatalyst Pd and Pt demand, respectively
 
📌New EV sales in China skyrocketed 113% YoY in April, after the 35% YoY growth in March. However, this was mostly due the low base of 2022 (April sales shrank 3% MoM). In our view, further growth in EV sales is set to drive up the consumption of the battery metals basket (e.g. cobalt, lithium and nickel), as China has accounted for ~50% of global EV demand in recent months
 
#cars #EV #nickel #lithium #cobalt  
https://metals-wire.com:3000/news-reports