DETROIT – Shares of General MotorsPremarket trading on Tuesday saw them tumble, putting them at the lowest level since September when Morgan Stanley had downgraded their stock.

Morgan Stanley automotive top analyst Adam Jonas stated that Detroit’s 2022 guidance was “well under our expectations.” wrote in an investor noteThe shares will be reduced from being overweight to being equal-weight. Concerns were also expressed by him about GM’s pace in moving to electric cars. He suggested that the bank lower its 12-month price target for GM’s stock from $75 to $55, which would result in 8.5% growth.

Jonas described the Morgan Stanley downgrade as “the most significant estimate decrease” regarding GM since early 2020’s coronavirus pandemic.

Jonas said that while we acknowledge the significant $20 drop in our GM target price, it is accompanied by what Jonas believes is a narrative change’ in our outlook compared our prior investment thesis.

Pre-market trading for GM shares dropped by 4.5% and reached $48.45 a Share. That’s 28% lower than the 52-week high, $67.21 a Share on Jan. 5. Stock’s 52 week low is $47.07 per share.

GM predicts an operating profit in 2022 according to its 2022 outlook of between $13 billion and $15 billionEarn between $6.25 to $7.25 per share and net incomes of $9.4 billion to $10.8 billion

Morgan Stanley has revised its earnings per share outlook for GM to $6.64. This is a 11% decrease from the previous forecast of $7.49.

Jonas indicated that while GM may have big plans for its electric cars, the execution risk is increasing on an absolute as well relative basis. This was in contrast to what we believed previously. In particular, North America is seeing a slower than expected increase in EVs.

GM plans to sell 400,000 EVs in North America in 2022, 2023 and 2023 combined. It is working towards a total production of over 1,000,000 for China, North America, and North America by 2025.

Morgan Stanley predicted previously that GM will sell 114,000 EVs worldwide this year. Then, 600,000 in 2025.

Jonas has asked the company to separate its Ultium battery and EV operations. Barra stubbornly refrained. Jonas cited Barra’s “One GM” strategy and the slower ramp-up for commercializing Cruise’s autonomous vehicle unit as reasons behind this downgrade.

– CNBC’s Michael BloomContributed to the report.