Morning Bites (part 1)

🚘US light vehicle sales were up 9% YoY in April, in line with the 9% YoY growth in March (also 1% above the pre-Covid 2019 level). Seasonally adjusted sales volumes increased 10% YoY in April (vs. +9% YoY in March, and -3% vs. 2019). Meanwhile, market participants admit that sales remain stressed by overall deteriorating car affordability amid infaltionary pressures. Hence, we believe that inflated car prices and growing US interest rates might keep the local automotive demand for PGMs subdued in 2023

#cars
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