DETROIT — Shares of General MotorsOn Thursday, the stock hit an all-time low of 52 weeks and opened at the lowest price they have seen since November 2020. This was after Wells Fargo had downgraded it and dramatically lowered its target price.

Wells Fargo analyst Colin Langan lowered GM’s rating after market close WednesdayTo reduce the target price of $74 per share from “overweight”, and to make it $33 per share from “underweight”,

He stated that this year may be a record-breaking profit year for legacy automakers as electric vehicle technology will reduce profits over the next few years.

We see price normalization and inflationary costs as headwinds, along with the negotiations for UAW 2023 contracts. We are worried that 2022 may be the peak profit year as GM is forced to absorb more BEV losses in order to comply with high US regulatory hurdles 2026,” he stated.

Langan was also downgraded Wednesday for the same reason. Ford MotorTo “underweight”, and to reduce its price target from $24 per share to $12 per share,

GM shares plunged to $35 at 6:00 AM Thursday after they opened at the lowest point since November 2020. Market cap for the company is $51 billion.

Ford shares fell more than 4 percent to $12.27. Ford’s 52 week low was $11.28 per share in May 2021. Ford’s market value is approximately $49 billion.

Ford Chair Bill Ford, during Thursday’s company annual shareholder meeting stated that he is still bullish about the long-term plans of the automaker, in spite of the stock’s poor performance.

“2021, the stock market was on fire. It’s returned to Earth this year a little. “The whole market is returning to Earth,” he stated. However, he added that he was more certain of his future than ever before. He added, later, that you can’t run a business for the stock market, but the company must be managed to create a lasting and great business.

Before the Wells Fargo double downgrade, shares of Detroit’s automakers had been under severe pressure. Both shares have fallen nearly 40% since this time last year.