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Management’s Discussion and Analysis of Financial Condition and Results of Operations
56 Ford Motor Company | 2008 Annual Report
.7!77! R7.$2 !7. 7 7%222+2!+2*27$7!27 . 2 7.7
7.--,.77! 7-7 .!7,! !7+2%+/*322.72%.27+2*+27$7
3.-.7 87!7.7.7$7 7!.!.-7"(!7 ;7
7
)%&6!%!6&!!)6)%6%6%6%6
6
'7237B>>J87 7!.!.-7$ !7" ..7.7E:":57!$7""7;7@F@87!2
./+2E:""7;7@F@:5;22&!7 ..7 .3-!7!!-7.7$!2 77,7 7.$!7!7
.72.$7 7.$!7! !!.3-7. 87.$27-!.3!-! !87 --!7!  7!7 7.$!87.7.$!7
,!--77.!727.73..!7$.;77""7;7@F@7.-7 2!7,. 7!2. !7 7.$!72$ 7!-7 7
.3-7$77 7!.!.-7 . 2 7 7(.-$. 7 7. $7.7!.!.-7 77 73$!723!. !;77
""7;7@F@7!7 !(77$7.77+.$.7@87B>>M7.7,7,!--7.-7 7 ..7 !(-7 7.--73$!7
23!. !7$3$ 7 7 7 !(7. ;77777
7
'7237B>>J87 7"7!$7""7;7@I>87**2$22*+2++*2+.2A2
+2+..22262=97E:""7;7@I>:5;77&!7 ..7 .3-!7.$ !7.7 !7 ..77 7
 --!7!  7!7.7$3!!.7.77 7-!. !77.7$3!!.;77""7;7@I>7-.!!7 . 7.7
 --!7!  7!7.7$3!!.7!7.7,!7!  7!7 7-!. 7 ! 7 . 7$-737 7.7$! 7!7
7-!. 7!.!.-7 . 2 ;77""7;7@I>7!7 !(77$7.77+.$.7@87B>>M;7&7 . !7.7
!-$7$!2 77 !7 ..72$ 737.-!7  !(-77.--7!7 7.7,!--7!2. 7,7,7
 7.7!-7 --!7!  7.7!2727 --!7!  7!7$7!.!.-7 . 2 ;7
7
'7.7B>>K87 7"7!$7""7;7@I@87*!2+/!2%+%2$!.2+2 2%2A2+2
+..222+.2629;;7E:""7;7@I@:5;77&!7 ..7$!7.7!-$7.3$ 7.7 ! R7
!(. !(7.7!7. !(! !;77""7;7@I@7$!7$.-! . !(7!-$7.3$ 73% !(7.7 . !77$!7
!(. !(87$. ! . !(7!-$7.3$ 7.!7(.-$7.2$ 77.!7.7-77!(. !(7! $2 87.7
!-$7.3$ 7! 9!)9-. 7 ! 7. $7!7!(. !(7.2 ;77""7;7@I@7!7 !(77$7.77
+.$.7@87B>>M;77&!7 ..7-7$!7.7!-$7.7,!--7.(77!2. 77$7!.!.-7! !7.7
$- 77. !;777
7
'7.7B>>K87 7"7!$7"7" .7! !7E:":577@F9@87!22%/*2/2$!.2+2
.+2/2*22+2!2%2<$*!2++*2+2*.12E:"77@F9@:5;77"77@F9@7.-!7 7
( !3-73 7$! !7 . 87$7(!872.737 -737 7!$7$--77. !.--7!7.;77"77@F9@7
!!7 . 7!$77$7! $2 7$-7.. -7.$ 77 7-!.3!-! 7.7$! 72 7!7.72.7
. 7,!--7- 7 7 ! R7( !3-73 73,!7.7,7!  7 7!7!7!7$3$ 7!;77"7
7@F9@7!7 !(77$7.77+.$.7@87B>>M87.72$ 737.-!7  !(-7 7.--7!7 ;7747.7
. !7 7"7.77+.$.7@87B>>M87.7,71 7.7=@;M73!--!7!.7 7$! 7.7.7$- 77 !7. !;7747
,!--7.-77.79 .17.%$ 2 77.1!2. -7=BF>72!--!7 7B>>K7 .!7.!7 . 7 7 73 7
!$ 7. !7!7B>>I87B>>J87.7B>>K;7
7
'7237B>>K87 7"7!$7"7"7@DBE59@87.*E2*!2+/!2.22*+2
2E:"7"7@DBE59@:5677&2"7$!7.7!-$7.3$ 7-.7. 7$ -7$!737""7
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$!727 .!-7!-$7.3$ 72-R7-.7. 87!-$!72-R7!( 2 7 . !872.%7
. !77-.7. 87 . !77!)7,! !7-.7. 87.7(.-$. !7 !$7$7 72.$7 7.!7
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7
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