Wells Fargo rates Ford, GM as overweight, praises new electric vehicles

2022 GMC Hummer EV sport utility truck "Edition 1"

Legacy automakers Ford and General Motors are set to be industry leaders once again as electric vehicles and autonomous driving come into focus, according Wells Fargo.

The firm's analyst Colin Langan initiated coverage of both stocks on Monday with overweight ratings, praising the new and upcoming electric vehicles for the stalwart companies.

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