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Wells Fargo double downgrades Ford and GM, says 2022 could be 'peak profits' for legacy automakers

Ford F-150 Lightning pickup trucks sit on the production line at the Ford Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan.
Bill Pugliano | Getty Images

It's time to throw some cold water on Detroit's transition to electric vehicles, according to Wells Fargo.

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