The chief financial officers for two of the U.S.’s largest car companies—General Motors and Ford Motor Co.—say consumer demand remains strong, but they are watching for signs of a U.S. recession.
At a Deutsche Bank conference Wednesday, Ford CFO John Lawler said an economic downturn is a possibility and that the auto maker was trying to assess the impact of inflation and rising gasoline prices on the broader economy. On Wednesday, the Federal Reserve approved a 0.75-percentage-point rate increase, the largest since 1994.
