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Management’s Discussion and Analysis of Financial Condition and Results of Operations
Ford Motor Company | 2008 Annual Report 53
-;77""7;7@>M7 . 7 . 7.7$2$-. !(7-7!7 7.7!7.7!!!. 7!77. !(7(!7 . 7!7
!!$- 7 7(27!7 2!!7 . 7.7(.-$. !7.--,.7!7 77..! 77 .17. ;7
7
&!7.2 87,!7!72- 77.7 .1!7%$!! !73.!87 .)7! 7.$ 7.7$2377 77(!87
!-$!7 7--,!O7
7
7+!32!32+2%22!2+2!.!*+%2++*22*;777. 773% !(-7
2.$7 7!.!.-7 !7-7!7.(!-7,! 7.7.7$77. !(7(!;77'7 .!7
!$2 .87! !.-7!2. !72.7 737.7-(. 7$7 7.7!$2 .P7
7
7!22!!2+-+/*2.627$ $7(.-771! !7 2.7!7.7.(!-9,! 7$77
3% !(-7(!!.3-7! !(7(!;77% !77$ $7 .1.3-7!271-$!(77(!7 2.7
!7.7.7$77! !(7(!7-7,7 7% !7.723!7,! 7.7! 77 7! 7
.7.737..3-7 !2. ;77 ,!87 7% !7.7!7! -7$3% !(7.7.--7
,!--7 737$!! 7 7(27. !(7(!7 . 7!-$7-(. 7$2$-. !(7-7!7 7.87
. !$-.-7!7 7% 7$ $7 .1.3-7!27!7 77.7. !!. 7 $.$7 7! .3!-! 7 . 7.7
 7 737.!(;77'7$7.87,7.--7!(7 7% !77$ $7 .1.3-7!277,! 77 7
$77$7(.-$. !7.--,.7.2 7$$. 7 7""7;7@>MP7.7
7
7#+-2*+2+627'7.7.7.(.!-.3-87 .17-.!7 . !7,$-737!2-2 7 7.-. 7
.1.3-7.2$ 7 7$ !-!71!!7.,.;77&7 . !7,$-737.7$77.! !.-7! !(7(!7
.87!77 !7. $87$-737.(!-7,! ;7
7
"7 7@M77 7 7 7 7!.!.-7" . 2 7727!2. !7.!77 .17. ;7
7
%2+*677'7B>>I87$7 77 .17! !7!7 7*! 7" . 7.727.7 77 .17-!.3!-! 7
! !7 7.7 77 .17. 7! !;77'7$7.2 77 777.7(.-$. !7.--,.87.7.7$!737
""7;7@>M87,7.(!-7,! 7 7. !(7(!77$2$-. !(7!.!.-7 !7-7!7 7!7.7
7! !(7(!77$ $7(.-771! !7 2.7!;77- $7.7!.3-7 !77$7 7
2!.7-7!7 7.7,7 7$- 77.7!$77 $ $!7. !87!2.!2 87.7 7
!.-7! 287(7,! $ 7 7.7,7 !--7,$-7.(7!$7!!!. 7. !7-;77!-87,7
!7$7. 77 7-7 737-(. 7 7$7..-!;77!!7 !7. 77 7-(. 7-7
.7 7$ .! !7.!. 7,! 7% 7$ $7 .1.3-7!271-$!(77(!7 2.7!87,7
.(77,! 7 7% !7,!7$ $7*;";7 .1.3-7!277$77.!7 777.7(.-$. !7
.--,.;777.7$- 77$7.2 87,7-$7 . 7 7 77 .17. 77$7*;";7 ! !7$!7.7$--7
(.-$. !7.--,.;7747.-77.7$--7(.-$. !7.--,.77 7 77 .17. 77 .!7!7 ! !87
$7.72.87...87.7".!87.7 7.-!. !77 7!77 .17. 7.7-!. 7$7*;";9$7
.1.3-7!2;777
7
 7237D@87B>>I87,7 7.7=J;B73!--!7(.-$. !7.--,.7..! 7$77 .17. 7E!-$!7
=B;J73!--!7$- !727 7. !77""7;7@GK87.*E2!22222+22
.2*+2A2+2+..222+.262@?32@@3298>32+29;:<12E:""7;7@GK:55;77$!7B>>J87
,77.7.! !.-7(.-$. !7.--,.77=@;F73!--!7E!-$!7.3$ 7=J>>72!--!7$- !727 7. !77
'  . !7;7FK87!22'+22$.2#+-2A2+2+222+.26298B2
E:'7FK:55;77&.1.3-7-7$!7B>>K87!2.!-7!7 7*! 7" . 87!.7 7(.-$. !7.--,.737=M;D73!--!7 7
.73.-.77=@J;K73!--!7. 7237D@87B>>K;777
7
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-. !7 7.-!77 .17. 873$ 7,72.7 7.7$7%$2 77 777.7$--7(.-$. !7.--,.77
$72.!!77 .17. ;777$ .!7!77 72!.7! .3!-! 7$-7.$7.7.7!7$7%$2 7
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2.!!77 .17. 7(.-$. !7.--,.;777!$7.3(87,(87,7.(7.(!-7,! 7 7
3% !(-92.$7 7!.!.-7 !7-7.877 7$87!(77,! 7 7$3% !(-7 2!7
% !77$ $7 .1.3-7!271-$!(77(!7 2.7!87.7-$7.77237D@87B>>K7
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7