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Management’s Discussion and Analysis of Financial Condition and Results of Operations
44 Ford Motor Company | 2011 Annual Report
2010 Compared with 2009
Total Automotive. The charts below detail key metrics and the change in 2010 pre-tax operating results compared
with 2009 by causal factor. Automotive operating margin is defined as Automotive pre-tax operating results, excluding
special items and Other Automotive, divided by Automotive revenue.
The increase in wholesales for total Automotive reflects higher wholesales in Ford North America and Ford Asia
Pacific Africa, offset partially by lower Volvo wholesales (reflecting the sale of Volvo). The improvement in total
Automotive results primarily reflects favorable volume and mix, net pricing (mainly in North America), changes in currency
exchange, and the non-recurrence of Volvo operating losses from 2009, offset partially by unfavorable cost changes and
higher net interest expense. Favorable volume and mix primarily reflects higher industry volumes, market share
improvements in North America, and the non-recurrence of prior-year stock reductions, offset partially by lower market
share in Europe.