Morning Bites (part 1) 
  
📌China’s new internal combustion engine (ICE) car sales rose 18% YoY in May, following the 72% YoY surge from a low base in April. Overall, the sales were moderately below the pre-Covid level (-8% vs. May 2019). Total passenger car sales (EV + ICE) increased 28% YoY, and were 25% higher than 2019 levels. China's auto sector accounts for 26% and 17% of the world's autocatalyst Pd and Pt demand, respectively. Although the dynamics were more upbeat than in previous months, the figure is still lower than in 2019, which might keep weighing on the PGMs performance

📌New EV sales in China surged 60% YoY in May, after the 113% YoY spike in April. Given China has accounted for ~50% of global EV demand in recent months, further growth in the appetite for EVs will drive up the consumption of the battery metals basket (e.g. cobalt, lithium and nickel), in our view

#cars #EV #nickel #lithium #cobalt
https://metals-wire.com:3000/news-reports