[GM's 4.2% Q2 sales decline](https://www.cnbc.com/2026/07/01/q2-auto-sales-gm-stellantis-toyota-hyundai.html) looks like demand weakness on the surface, but the real structural issue is hiding in (https://www.cnbc.com/2026/07/01/automakers-usmca-trade.html) — automakers are slashing EV production not because customers won't buy them, but because the tariff framework is about to make the economics of battery localization unworkable.

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