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Management’s Discussion and Analysis of Financial Condition and Results of Operations
Ford Motor Company | 2010 Annual Report 35
Details by segment of Automotive revenue ("sales") and wholesale unit volumes are shown below:
Sales (a)
Sales (a) Sales (a)
Sales (a)
(in billions)
(in billions)(in billions)
(in billions)
Wholesales (b)
Wholesales (b) Wholesales (b)
Wholesales (b)
(in thousands)
(in thousands)(in thousands)
(in thousands)
2009
20092009
2009
2008
20082008
2008
2009
2009 2009
2009
Over/(Under)
Over/(Under) Over/(Under)
Over/(Under)
2008
20082008
2008
2009
20092009
2009
2008
20082008
2008
2009
2009 2009
2009
Over/(Under)
Over/(Under) Over/(Under)
Over/(Under)
2008
20082008
2008
Ford North America (c)................................
................................
$ 49.7 $ 53.3 $ (3.6)
(7)%
1,927 2,329 (402) (17)%
Ford South America ................................
................................
7.9 8.7 (0.8)
(8) 443 435 8 2
Ford Europe (d)................................
................................
28.3 37.6 (9.3)
(25) 1,568 1,820 (252) (14)
Ford Asia Pacific Africa (e)................................
................................
5.6 6.5 (0.9)
(15) 604 532 72 14
Volvo................................................................
................................
12.4 14.6 (2.2)
(15) 324 359 (35) (10)
Total ongoing Automotive ................................
................................
103.9 120.7 (16.8)
(14) 4,866 5,475 (609) (11)
Jaguar Land Rover and Aston Martin
................................
— 7.0 (7.0)
(100) — 125 (125) (100)
Total Automotive sector ................................
................................
$ 103.9 $ 127.7 $ (23.8)
(19) 4,866 5,600 (734) (13)
__________
(a) 2009 over/(under) 2008 sales percentages are computed using unrounded sales numbers.
(b) Wholesale unit volumes include all Ford-brand units (whether produced by Ford or by an unconsolidated affiliate), units manufactured by Ford
that are sold to other manufacturers, units distributed for other manufacturers, and local-brand vehicles produced by our Chinese
unconsolidated affiliate JMC. Revenue from certain vehicles in wholesale unit volumes (specifically, Ford-brand vehicles produced and
distributed by our unconsolidated affiliates, as well as JMC-brand vehicles) is not included in our revenue. Vehicles sold to daily rental car
companies that are subject to a guaranteed repurchase option, as well as other sales of finished vehicles for which the recognition of revenue
is deferred (e.g., consignments), also are included in wholesale unit volumes.
(c) Retrospective application of the new accounting standard on VIE consolidation has caused us to deconsolidate AAI beginning with 2009 data;
even with retrospective application of the new accounting standard, AAI remains consolidated in 2008. Accordingly, 2009 data in this table
exclude sales and wholesale unit volumes of Mazda6, whereas 2008 data in this table include sales and wholesale unit volumes of Mazda6.
(d) Included in wholesale unit volumes are Ford-brand vehicles sold in Turkey by our unconsolidated affiliate, Ford Otosan, totaling about
51,000 units and 48,000 units in 2009 and 2008, respectively. "Sales" above do not include revenue from those units.
(e) Included in wholesale unit volumes of Ford Asia Pacific Africa are Ford-brand and JMC-brand vehicles sold in China by our unconsolidated
affiliates totaling about 345,000 units and 251,000 units in 2009 and 2008, respectively. "Sales" above does not include revenue from these
units.
The decrease in revenue primarily reflects lower volumes, the non-recurrence of revenue at Jaguar Land Rover, and
unfavorable changes in currency exchange, offset partially by favorable net pricing.
Details of Automotive sector market share for selected markets for 2009 and 2008, along with the level of dealer
stocks as of December 31, 2009 and 2008, are shown below:
Market Share
Market ShareMarket Share
Market Share
Dealer
DealerDealer
Dealer-
---Owned Stocks (a)
Owned Stocks (a)Owned Stocks (a)
Owned Stocks (a)
(in thousand
(in thousand(in thousand
(in thousands)
s)s)
s)
2009
20092009
2009
2008
20082008
2008
2009
2009 2009
2009
Over/(Under)
Over/(Under) Over/(Under)
Over/(Under)
2008
20082008
2008
2009
20092009
2009
2008
20082008
2008
2009
2009 2009
2009
Over/(Under)
Over/(Under) Over/(Under)
Over/(Under)
2008
20082008
2008
United States (b)................................
................................
15.3% 14.2% 1.1 pts. 382 442 (60)
South America (b) (c)
................................
10.2 9.7 0.5 53 45 8
Europe (b) (d) ................................
................................
9.1 8.6 0.5 202 282 (80)
Asia Pacific Africa (e)
................................
2.3 2.3 — 40 54 (14)
Volvo – United States/Europe (d)
................................
0.6/1.3 0.5/1.3 0.1/— 12/31 13/40 (1)/(9)
__________
(a) Dealer-owned stocks represent our estimate of vehicles shipped to our customers (dealers) and not yet sold by the dealers to their retail
customers.
(b) Includes only Ford and, in certain markets (primarily United States), Lincoln and Mercury brands.
(c) South America market share is based, in part, on estimated vehicle registrations for our six major markets (Argentina, Brazil, Chile, Colombia,
Ecuador and Venezuela).
(d) Europe market share and dealer-owned stocks are based on the 19 European markets we track.
(e) Asia Pacific Africa market share and dealer-owned stocks are based on our 12 major markets (Australia, China, Japan, India, Indonesia,
Malaysia, New Zealand, Philippines, South Africa, Taiwan, Thailand and Vietnam), including JMC brand vehicles sold in China by our
unconsolidated affiliates; market share represents, in part, estimated vehicle sales; dealer-owned stocks include units distributed for other
manufacturers.