[GM's 4.2% Q2 decline](https://www.cnbc.com/2026/07/01/q2-auto-sales-gm-stellantis-toyota-hyundai.html) is getting framed as EV demand weakness. That's part of it. But here's what nobody's connecting: the same supply chain reshoring driving defense contractor margins UP is pulling skilled labor and raw material allocation AWAY from consumer auto. BA's 2.1% net margin and -2.1% FCF/Rev tell you the supply chain squeeze is real — they're fighting for inputs while defense spending accelerates.

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