Ford 2011 Annual Report Download - page 48

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Management’s Discussion and Analysis of Financial Condition and Results of Operations
46 Ford Motor Company | 2011 Annual Report
Ford North America Segment. The charts below detail key metrics and the change in 2010 pre-tax operating profit
compared with 2009 by causal factor.
The increase in wholesales for Ford North America primarily reflects higher U.S. industry volume, market share, and
the non-recurrence of prior-year reductions in dealer stocks. In the United States, continued consumer awareness of our
improvements in quality and fuel efficiency are driving strong consideration and demand for Ford products, which has
enabled us to achieve market share gains and improve net pricing.
The improvement in results primarily reflects favorable volume and mix, net pricing, and changes in currency
exchange, offset partially by unfavorable cost changes. The unfavorable cost changes primarily reflect higher structural
costs driven primarily by higher manufacturing costs to support higher volume and product launches.