General Motors: Updated Thoughts and 2Q26 Preview: Expect a Beat with Seasonal 2H Drop; Preview on 2027 Bridge (DRAM, Onshoring, Next-gen Platform) and Non-Auto Verticals (Cobots, Defense, ESS)

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General Motors: Updated Thoughts and 2Q26 Preview: Expect a Beat with Seasonal 2H Drop; Preview on 2027 Bridge (DRAM, Onshoring, Next-gen Platform) and Non-Auto Verticals (Cobots, Defense, ESS)

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

08 July 2026

General Motors

Updated Thoughts and 2Q26 Preview: Expect a Beat Overweight

with Seasonal 2H Drop; Preview on 2027 Bridge GM, GM US

(DRAM, Onshoring, Next-gen Platform) and Non-Auto Price (07 Jul 26):$76.03

Verticals (Cobots, Defense, ESS) ▲Price Target (Dec-27):$110.00 Prior (Dec-26):$98.00

We expect a modest EBIT beat in 2Q26 (Table 1GMJPMevs.ConsensusSumaryEstimates), characterized by a ~$0.9 bn y/y

increase in automotive EBIT driven by lower EV losses, lower warranty/regulatory Autos & Auto Parts

costs, higher price/mix, and lower tariff costs, offset by lower volume and higher Rajat Gupta AC

commodity costs (inc. DRAM). Key areas of potential upside are: 1) GMNA price/ (1-212) 622-6382

mix (including the benefit of lower EVs); and 2) lower warranty costs, while areas of rajat.gupta@jpmorgan.com

potential downside are: 1) higher DRAM prices; and 2) a pickup in onshoring Jash Patwa

investments. We see a seasonal drop in 2H EBIT, driven by new model year (1-212) 622-5472

jash.patwa@jpmchase.com

changeover, compounded by timing of investments, increasing DRAM pricing

Yash Beswala

headwinds, and non-repeat of 1Q26 IEEPA refund. Investors will also look to get an

(1-212) 622-0028

early peek into 2027 moving parts (see Figure 1Key2026-2028GlobalAutomotiveEBITBridgeMovingParts(ex-volume/price/mix) and Figure 3JPMeGMGlobalAuto2027Y/YEBITBridge for our bridge), with a yash.beswala@jpmchase.com

focus on DRAM inflation (implications of the recent Micron strategic agreement), J.P. Morgan Securities LLC