In 2003, growth in global sales of light vehicles continued to gain momentum and the outlook for 2004 is even more positive. Asian markets were the star performers in 2003, and more than compensated for falling sales in Europe and North America. The auto industry is currently the largest customer for platinum group metals, which are used in autocatalysts to control harmful exhaust emissions.

Sales of light vehicles in Western Europe fell by 1.4 % to 16.0 million vehicles in 2003 as the economy suffered a series of setbacks due to the war in Iraq, the SARS outbreak in China and appreciation in the Euro. Against this somewhat gloomy picture, sales of diesel vehicles continued to jump ahead increasing their share of the market to 44 % and boosting demand for platinum in autocatalysts. Forecasts predict that the diesel market will continue to grow unabated in 2004.

The North American market contracted by 1.6 % in 2003 with sales falling to 18.2 million light vehicles despite heavy financial incentives and favourable finance options. However, consumers continued their love affair with light trucks including Sports Utility Vehicles (SUVs) - in fact in 2003, sales of light trucks outperformed passenger cars for the first time ever.  SUVs are heavier than passenger cars and tend to use greater amounts of PGM in autocatalysts. The outlook for 2004 is more positive as economic growth in North America continues to improve.