High Grade Automotive: 2Q26 Earnings Rewind – Week of July 20

Research evidence excerpt

High Grade Automotive: 2Q26 Earnings Rewind – Week of July 20

J P M O R G A N North America Credit Research

24 July 2026

High Grade Automotive

2Q26 Earnings Rewind – Week of July 20

North America Corporate Credit -

Autos & Auto Parts and

Manufacturing (IG)

Evan Piascik AC

(1-212) 834-4432

evan.piascik@jpmchase.com

• High Grade Automotive 2Q26 earnings kicked off this week. This was the Max Berman

first week of High Grade Automotive earnings for the 2Q26 cycle, with only

(1-212) 834-2380

GM, HOG, HYNMTR, and VW reporting results, collectively representing max.berman@jpmorgan.com

about a quarter of the High Grade Automotive universe. The pace is expected J.P. Morgan Securities LLC

to increase next week with MBGGR, F, BMW, STLA, LEA, and MGCN

expected to report results, or about half of the High Grade Automotive sector.

• GM set the tone for Automotive 2Q26 results with a solid quarter and

modest 2026 guidance raise, in what has become expected for GM. Strong

pricing in North America and improved warranty execution were the primary

drivers for GM’s 2Q26 outperformance and 2026 guidance raise, while the

implied 2H26 adjusted EBIT guidance was in line with consensus

expectations. GM also provided an early look at 2027, which is expected to be

“better than 2026.” The focus now shifts to Ford’s 2Q26 results, which are

expected to be reported on Tuesday (July 28th) after market close.

• Daimler Truck’s 2026 guidance update this week reflected tariff relief and

continued momentum in the commercial truck market. DTRGR reported

largely soft preliminary 2Q26 results on Wednesday, including consolidated

adjusted EBIT of €838 million (v. €878mm consensus), Industrial revenue of

€11.42 billion (v. €11.55 billion consensus), and Industrial return on sales of

6.8% (v.