(CercleFinance.com) – Wells Fargo announced on Thursday that it had downgraded its advice on GM stock from ‘overweight’ to ‘underweight’, with a price target reduced from 74 to 33 dollars.
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 increased the unit manufacturing cost of the Silverado EV by around $12,600.
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