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Reuters
Wells Fargo cuts Ford, GM’s PT, sees lower vehicle production for Detroit Three
** Wells Fargo cuts PT for Ford F.N and General Motors GM.N by $1 to $9 and $33, respectively
** Brokerage expects vehicle production for Detroit Three automakers to be ~2% lower in 2025 from 2024; continues to see pricing, EV and regulatory headwinds
** Adds competition from Asian automakers, such as Toyota 7203.T and Hyundai 005380.KS, launching new SUVs has threatened Detroit Three’s hold over the segment
** YTD, F shares are down ~11.3%, while GM stock is up ~32%
Reporting by Nathan Gomes in Bengaluru
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