GM, Ford Shares Near New 52-Week Lows: Why UBS Is Concerned About Legacy Automakers

As consumer spending and pricing power decrease, the automotive industry continues to struggle. In another blow to the sector, UBS Group AG (NYSE: UBS ) lowered its 2023-24 earnings per share expectations Wednesday for General Motors Company (NYSE: GM ) and Ford Motor Company (NYSE: F ). What Happened: UBS analysts said they are concerned the companies will fail to meet expectations, as consumers are becoming less likely to purchase a car. Due to inflation and a struggling supply chain, it has become increasingly ... Full story available on Benzinga.com