Ford, GM Get Downgrades From Wells Fargo Over EV Cost Concerns

Banking giant Wells Fargo doesn't seem to be too bullish on the shift to electric vehicles. The financial services company hit legacy automakers Ford and GM with a double downgrade, citing concerns that recent headwinds could eat into the companies' profits. Karl Brauer, an executive analyst at iSeeCars.com, joined Cheddar's Opening Bell to discuss. "Unfortunately, Wells Fargo's reasoning is sound, and the fact that we're seeing all these price increases, and really, availability decreases in a lot of raw materials that you need to build electric vehicles: lithium palladium, nickel, all these things have gone up in price dramatically in the past 12 months, particularly in the past six months," he said.
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