Automotive Industry: Weekly Automotive Pit Stop: Autonomy monetization & non-auto week 1 themes

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Automotive Industry: Weekly Automotive Pit Stop: Autonomy monetization & non-auto week 1 themes

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Automotive Industry

Weekly Automotive Pit Stop: Autonomy

monetization & non-auto week 1 themes

Industry Overview

Week 1 EPS themes: Autonomy monetization and non-auto 24 July 2026

Progress on consumer autonomy monetization was a dominant theme coming out of Equity

week one auto earnings. We think the potential earnings benefit at GM continues to be Global

underappreciated as the company added 70k new Super Cruise subs in 2Q at a 30-40% Autos/Car Manufacturers

attach rate post the 3-year prepaid period and is on track for 850k+ subscribers by Alexander Perry

YE26. We think the bigger step up comes next year as Super Cruise becomes standard Research Analyst

on high-end Silverado/Sierra trims (~160k incremental units) and optional across most BofAS+1 646 855 1365

of the lineup, with GM also reiterating its 2028 target for eyes-off/hands-off. TSLA saw aperry3@bofa.com

strong FSD contribution in the quarter on record net adds (+56% YoY to ~1.5mm), fleet Jack Joyce, CFA

Research Analyst

penetration >15%, and a newly disclosed 55% NA 2Q attach rate. On non-auto, we think BofAS

TSLA’s commentary on Megapack demand was a positive read through for Ford’s Energy +1 646 556 2798 jack.joyce@bofa.com

Storage business with TSLA saying its backlog is “robust” from data center growth,

however storage gross margins are expected to settle into a low-20% run rate longer

term (from 29.8% in 2025) as ASPs for industrial storage are compressing on growing

competition.

Stock symbol key

Chinese OEMs and Tesla gain share in EU/UK AdientAptiv PLCPlc ADNTAPTV

Overall industry registrations increased 13.1% YoY in June across the EU/EFTA/UK while Asbury Auto ABG