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Investing.com - UBS has maintained a cautious stance on palladium in its latest metals outlook report released Tuesday, citing the metal’s heavy dependence on internal combustion engine (ICE) vehicles.
The investment bank highlighted that over 80% of palladium demand stems from its use in catalytic converters for ICE vehicles, creating a concentrated demand risk for the precious metal.
UBS noted that while the global rollout of electric vehicles outside of China has progressed more slowly than initially anticipated, the long-term trend of phasing out internal combustion engines remains firmly intact.
The bank’s analysts expect this ongoing transition away from traditional combustion engines to eventually push the palladium market into a structural surplus position.
UBS projects this supply-demand imbalance will materialize "at some point over the coming years," though it did not specify an exact timeline for when this market shift might occur.
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