EU new passenger car registrations rose 4.3% in February when compared to the same time last year to 1.125 million units but were below sales posted in January of 1.25 million (-10.2% m/m).
Why does it matter: Platinum consumption by the European automotive manufacturers essentially for diesel production represents about one-fifth of total annual offtake for the metal, the largest single sector of global platinum demand.“Reading 1 minute
Regardless, last month’s sales were the highest for a February period since 2008, according to the European Automobile Manufacturers Association (ACEA). Of the major EU markets, the UK (-2.8%) and Italy (-1.4%) saw declining sales while Spain (+13.0%), Germany (+7.4%) and France (+4.3%) had decent growth in February. For the first two months of 2018, new registrations across the EU have risen 5.8% y/y to 2.379 million units. In calendar 2017, the EU reported a 3.4% rise in new passenger car registrations to 15.14 million units.
Commercial vehicle sales across the EU countries increased 7.9% y/y in January 2018, the most recent data, to 187,811 units but were down from the 205,949 units in the prior month of December (-8.8% m/m). Of the major EU markets, only the UK (-5.8%) posted a decrease in y/y sales of commercial vehicles for January.
The ACEA reported that the sale of diesel-powered vehicles as a percentage of total new passenger car registrations declined to 44.4% in 2017, its lowest market share since 2003 and down from its height of 56.1% of sales recorded in 2011.
Also in this week’s Platinum Market Review:
-The OECD raised its global growth forecast to 3.9% in 2018 -Platinum prices continue to struggle -Palladium prices crossed above the $1,000 an ounce mark but only briefly -Total Chinese vehicle sales in February 2018 were reported as 1.72 million units, down 11.1%
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