GM, Ford Shares Dip as Morgan Stanley Downgrades US Auto Industry

Published on September 25, 2024

Shares of General Motors and Ford Motor traded lower on Wednesday after Morgan Stanley downgraded the overall U.S. auto sector, citing worries that Western automakers might struggle in the intensifying competition with Chinese rivals. General Motors was downgraded to “underweight” from “equal weight,” and its shares fell 5.4 percentage points, to $45.50. Ford went to “equal weight” from “overweight,” with its shares dropping more than 4 percentage points, to $10.43. Electric vehicle (EV) maker Rivian Automotive and Canadian parts manufacturer Magna International were both downgraded to “equal weight” from “overweight.” Shares of Rivian were down 5.7 percentage points while Magna’s were off 4.7 percentage points....

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