The firm said there's places to invest despite what should be a tough year.
Another tough year will be in store for electric vehicles and the auto industry more broadly, Morgan Stanley said Wednesday. Analyst Adam Jonas is expecting a "challenging" 2023 for auto earnings on the back of declining demand and deflation – particularly for electric vehicle makers. For the year ahead, Jonas said price mix should fall more than expected as a lack of affordability in new car prices has reached what he calls "unchartered territory.
Ford lost 34.7% this year. But Jonas' price target implies the stock could gain 10.6% from where it closed Tuesday. Jonas cut the expected electric vehicle penetration forecasts for 2025 and 2030 to 11% and 26%, respectively, from 13% and 32%. But for next year, he expects electric vehicles sales to hit 11.8% global penetration in 2023, which would mark an increase from 10.1% in 2022. Penetration in the U.S. is expected to reach 5% in 2023, up from 4.2% this year.
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