Automotive Industry: Weekly automotive pit stop: GM expands its non-auto opportunity set into defense

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Automotive Industry: Weekly automotive pit stop: GM expands its non-auto opportunity set into defense

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Automotive Industry

Weekly automotive pit stop: GM expands

its non-auto opportunity set into defense

Industry Overview

GM announces additional non-auto opportunity in defense 18 June 2026

We think GM has four credible non-auto opportunities today: 1) software, 2) energy Equity

storage, 3) robotics, and 4) defense, with defense the most tangible near-term Global

opportunity. GM re-entered the defense market in 2017 and has already shown it can Autos/Car Manufacturers

adapt commercial platforms for military use through the Army’s ISV program, where it Alexander Perry

has delivered ~1k Chevy Colorado-based vehicles against a broader opportunity of ~+10k Research Analyst

units, while also developing a Silverado-based hybrid prototype meant to replace the BofAS+1 646 855 1365

Humvee. We think its existing track record matters given the recently announced aperry3@bofa.com

memorandum of understanding in place with Lockheed, particularly as the administration Jack Joyce, CFA

Research Analyst

is encouraging partnerships of this kind to help replenish munitions inventories drawn BofAS

down by recent Middle East conflict. We think GM’s role likely involves providing +1 646 556 2798 jack.joyce@bofa.com

manufacturing scale, supply chain depth, potential subcomponents, and engineering

support for systems and components tied to munitions. If successful, we think this could

support additional revenue over time at margins that are higher compared to GM’s auto

business.

Stock symbol key

Global auto forecasts move lower while NA steady AdientAptiv PLCPlc ADNTAPTV

According to the June S&P production revision released last Friday, global production Asbury Auto ABG