2Q26 Preview: Growth Beyond Auto in Focus

研报英文原文证据摘录

2Q26 Preview: Growth Beyond Auto in Focus

IdeaM1) Non-auto in focus. Non-auto is becoming a core focus for the market, led by

energy storage where demand is supported by tighter U.S. power markets, AI/data

center load growth, and domestic-content / FEOC requirements. ( Exhibit 2 and

Exhibit 3 ). Among OEMs, TSLA and F have the most direct exposure, while GM’s

approach with sodium-ion is differentiated but potentially has a longer pathway to

commercialization. At the supplier level, BWA is the most tangible way to play the

distributed power opportunity through its turbine generator, ESS, and microgrid-

enabling technologies, while APTV and VGNT could benefit over time as high-

voltage, connectivity, and power-management capabilities are repurposed into

energy, data-center, and broader electrification markets. The adjacency discussion is

also beginning to extend into defense, where recent GM Defense / Lockheed activity

and Ford’s government discussions suggest the industrial opportunity set is

broadening beyond energy. Heading into earnings, we expect tangible updates

across our coverage including customer wins, backlog development, capacity

plans, and certification milestones. For further reading: Autos & Shared Mobility:

Mobility to Megawatts Primer – Energy Storage, Onsite Power, 800V Architecture,

and What's in the Price

Exhibit 2: Energy Storage Demand – Exhibit 3: Power Shortfall through

Data Center and Non-Data Center 2028

Potential Shortfall in Power for US Data Centers, 2026-28

80(Renewables, Grid, etc.)

Non-DC Demand (Renewables+) Data Center ESS Demand 70 68

300 60

250 50 (15)

200 169 40 (15)

GWh 150 108 30

62 20

100 31

14 10

50 80 95 103 109 110 - US Power Needed, 2026-28 US DCs Under Construction Available/Contracted US Grid Capacity Potential(38)Shortfall

-