September 25th, Grail News: Morgan Stanley believes that the U.S. auto industry will face a more challenging situation, adjusting its view on the industry from "attractive" to "meeting expectations." The target price for General Motors is lowered from $47 to $42, with the rating downgraded from "hold" to "sell"; Ford's target price is reduced from $16 to $12, and Rivian's target price is lowered from $16 to $13, with both ratings downgraded from "buy" to "hold." Morgan Stanley points out that inventory at U.S. dealers is rising, which often leads to continued pressure on new car prices. In addition, vehicle affordability remains poor, with average car payments increasing by about 40% compared to pre-pandemic levels, while wages have only grown by nearly 20% during the same period.