[GM's 4.2% Q2 sales decline](https://www.cnbc.com/2026/07/01/q2-auto-sales-gm-stellantis-toyota-hyundai.html) and EV demand collapse are real. But here's what everyone's missing: the problem isn't consumer demand per se—it's *whose* demand is collapsing. GM is losing volume to price-sensitive buyers switching to cheaper models or used cars. Meanwhile, retailers with durable competitive advantages—like HD with a 21.4% net margin and 28.7% ROIC—are holding pricing power even as sentiment tanked.

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