Ford, General Motors Optimistic On Demand: Report

Executives of Ford Motor Company F and General Motors Company GM have said that the demand from U.S. retail and commercial customers has surpassed expectations.

The comments come on the heels of a report from U.S. Commerce Department saying U.S. retail sales surged in the month of May due to an uptick in demand for motor vehicles, reported Reuters.

"If the consumer remains at this strength, we could significantly outperform what we said" about full-year performance, the report cited General Motors CFO Paul Jacobson.

The report further quoted the CFO of Ford, commenting, "the consumer is hanging in there" while noting sustained strength and pricing power in its Ford Pro commercial business.

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Both the executives also said their companies would go ahead with the cost-cutting program that already has slashed thousands of positions.

The remarks attain significance at a time when both Ford and GM are allocating their finances more to the electrification of portfolios.

Also Read: Tesla's $3B Jackpot: Analyst Projects Rival EV Makers Could Supercharge Its Growth By 2030

Price Action: F shares closed higher by 1.76% at $14.45 on Thursday. GM shares are trading higher by 0.63% at $38.27 in premarket on the last check Friday.

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