GM Empower Event / Sodium-Ion Cells; April USTMA; RIVN R2 Deliveries

研报英文原文证据摘录

GM Empower Event / Sodium-Ion Cells; April USTMA; RIVN R2 Deliveries

June 11, 2026

Exhibit 1 - Operating Cost (USD/kWh): LFP vs Na-ion Exhibit 2 - Global Na-ion Production Capacity by

Region

Source: Benchmark Materials

What does it mean for investors? In the near-term, we wouldn’t expect a material impact to GM from sodium-ion

cells, with mgmt. targeting initial production in 2028, implying GM may not reach scale until 2029+. Indeed, CFO Paul

Jacobson shared some reservations about repurposing LFP for battery storage during our investor dinner in March, citing

tough competition & low margins on current tech. We get the sense GM’s sodium-ion plans reflect mgmt.’s attempt

to build a sustainable energy storage business over the long-term, not simply capitalizing on a temporary surplus of

AI-driven demand and tax incentives. Simply put, GM believes the lower TCO nature of sodium-ion (i.e., no cooling &

reduced system complexity) should differentiate GM’s solution after the energy supply x demand imbalance corrects

later this decade. In contrast to Ford, GM’s approach is more asset light & leverages the existing sales / front-end of

Peak Energy that is already demonstrating traction in sodium-ion battery storage. We wouldn’t expect an earnings

impact until 2029+ (potl. excluding an uptick in R&D), and the magnitude of such remains unclear given the long

timeline and lack of details, but the announcement gives some early clue around GM’s future Energy strategy.

April US Tire Shipments – Weak Repl. Volume & Continued Foreign Import Dominance

USTMA released its final April US tire shipment update – LV OE shipments rose 1% YoY while key replacement &

commercial (OE & repl.) volumes remain sharply lower YoY (see Exhibit 3). PC/LT foreign import shipments accelerated