(CercleFinance.com) – GM yields more than 5% in New York, penalized by an analysis by Wells Fargo which announced Thursday that it had downgraded its advice on the stock from ‘overweight’ to ‘underweight’, with a price target reduced from $74 to $33.
In a study released in the morning, the analyst points out that the costs associated with the production of electric vehicles have soared recently and that the supply of basic materials is now limited, at a time when American legislation aims to putting an increasing number of electric vehicles into circulation.
According to calculations by Wells Fargo, the recent surge in raw materials has thus increased the unit manufacturing cost of the Silverado EV by around $12,600.
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