GM and Ford Shares Tumble After UBS Downgrades on Expectations for Weakening Demand
Hummel, in notes to investors Monday, predicted"it will take three-to-six months for the auto industry to end up in oversupply, which will put an abrupt end to a 3-year phase of unprecedented" pricing power and profit margins for the automakers.
demand destruction seems inevitableUBS continues to prefer GM over Ford due to its momentum with electric vehicles and less problems with production during the third quarter. Hummel said UBS expects a"solid quarter" for GM, which is scheduled to report third-quarter results on Oct. 25.
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