General Motors Company: GM Expands Presence in Energy Storage

Research evidence excerpt

General Motors Company: GM Expands Presence in Energy Storage

Update

June 9, 2026 10:47 PM GMT

Morgan Stanley & Co. LLCMGeneral Motors Company | North America Andrew S Percoco

Equity Analyst

GM Expands Presence in Energy Andrew.Percoco@morganstanley.comDaniela M Haigian +1 212 296-4322

Daniela.Haigian@morganstanley.com +1 212 761-6071

Storage Jahvonte G Bain

Research Associate

Jahvonte.Bain@morganstanley.com +1 212 761-9231

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Katherine A Bennorth

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General Motors Company (GM.N, GM UN)

Autos & Shared Mobility | United States of America

Stock Rating Overweight

Industry View In-Line

Price target $100.00

Our Take: We are encouraged by GM’s expanded presence in the U.S. energy Shr price, close (Jun 9, 2026) $83.76

storage market, particularly given its differentiated technology roadmap centered Mkt cap, curr (mm) $77,562

52-Week Range $87.60-47.20

on sodium-ion chemistry. If executed effectively, this approach has the potential to

establish a structural competitive moat within the ESS market. As we have

highlighted in recent work, auto OEMs and suppliers are uniquely positioned to

participate in energy storage (and related markets) given their manufacturing scale,

supply chain expertise, and established customer relationships. That said, GM’s

strategy stands out: the company is investing in a more nascent technology that is

only just beginning to see commercialization, primarily in China (please see Jack Lu's

recent work on this topic).