Morgan Stanley analyst Adam Jonas downgraded Ford, General Motors, and Rivian Automotive, citing rising inventories, affordability issues, and credit delinquencies.

Morgan Stanley analyst Adam Jonas has downgraded Ford, General Motors, and Rivian Automotive, lowering the U.S. auto industry outlook to "In Line." Key concerns include rising inventories, challenges in vehicle affordability, increasing credit delinquencies, and competitive pressures from China's auto market. While investors await potential Federal Reserve rate cuts, Jonas believes these will only provide temporary relief. Conversely, franchise dealers received an upgrade due to their cost management resilience.

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