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Management’s Discussion and Analysis of Financial Condition and Results of Operations
Ford Motor Company | 2008 Annual Report 11
&72!7$ -)7!7. !(87,! 7.7.77!3-7$ 27$7 7 7$ .!7!.!.-72.) 7
(!2 7.7!7-!7;77'7B>>M87-3.-7!$7.-7(-$27!7% 7 7,.)87,! 7.7$--9.7
-!7!7 7.77@G?727B>>K7-(-;77$27.73$!7!7.737(-7 .!737! 7
! !7.72!7,.);77&7 !(77!7.7 !(7-!7. !7 7 7 7!!7!7 7
-.-7.. 7. 7 !7%$ $P787 7$ 7$ -)7!7. !$-.-7$ .!;7
7
-2++622!7 7"74-,!87.7.$ 2 !(7.7!287!7B>>K7 7 !2. 7.$ 2 !(7
!$ 7-3.-7$ !7..! 77-! 7(!-7E.3$ 7M>72!--!7$! 5717-3.-7$ !737.3$ 7
BF72!--!7$! ;77'7 72!.7.7$87 7 ,7!7,7 72.%! 77($7.7! 7.7.7!7 7
!$ 8717..! 7,.7.7 !2. 7FF?7.7BD?87 !(-87,! 7 72!.7!7. !$-.7!(7$727
 7. 77.$7B>?7$7 7 7!$ 7! !7!7 . 72.) 7-. 7.;77!7 7$ !7..! 7. .7
% 737"74-,!87!!!. 7-3.-717..! 7! !7$-7 !$77(.-7.7. 7.7.(.7
7D>;G72!--!7$! 77.7$!7 7B>>M9B>@@7!;7
7
2!62217..! 87$-7,! 7.7-!. !77,7$ 73!7! $7!7)72 737
7!$ 87,!--7)7$772.$. $R7.3!-! 7 7!.7!77 !7$ ;77'7.! !87 7!2 .-7
,7*;";72.$. $!7..! 77+..7.70.72.$. $7!7 7.7.7 !3$ 87.7!7-!)-7 7
 !$7 7 !3$ 87 7!!7$7!7 7*;";72.) ;77&7$ !77.-7!77!2!-.-7  7(!-7
!7 7*! 7" . 7.732727$7!7 7-. 7@MM>87.7,71 7 . 7.7.--!7!!7
(!2 7,!--7 !$7727 !27 72;777
7
!.22+2677!2! 7.3!-! 7 7!.7(!-7!7.737 7!7 7.87. 7-. 7!7
. 8737 7-9 27 7 ,.7$.77!987271!(7(!-7.<7(!-7,! 727. $;77
&7$ 7 2 7!7$27!7!7-!)-7 7.27 . 7 7!7 7.9 287.87(7$27,7
.7,!--!7 77 7!7 . 7.(.!-.3!-! 77.$ 2 !(7-.7.737!2!!7.7.7$- 77 7! 7!!;77(7
7-7 287!77,7(!-7!71 7 7$27! 7-. !7,! 7, 7!77.! .7!2;772!7
2.) 7.-7,!--7 !3$ 7.7!.!7.77-3.-7!$ 7.-7(-$27.7($87.7, 7!7,-.-7E!;;87
(-$257,!--737.  7!72!72.) 7!7 71 7.;77473-!(87,(87 72. $7.$ 2 !(72.) 7
E;;87 72!.874 7$87.7+..57,!--7 .!7 7-. 7.77-3.-7($7(7 72!7.;777
7
+*2+2-;77'7B>>K87$7.- 7.717E1-$!7!.-7! 2577*;";72-87 !87.7
!7 7,7=@;D73!--!87,! 7.3$ 7=G>>72!--!77  !2 7.- 7.7.7 73.-.77. !(7
2-7.- 7.7.7 7 !71;777
7
7B>>M87 7!! !.-7.- 7.7 7 7. 77*;";7  !2 7.- 7.7-.7!7G?;77&7$- !2. 7 7. 7
7-7.-!737B>>K87!7,7.(7.7$73-!. !77$-7.7.-.!7 !7.- 7.7 ;777
7
..2+222$+62222! 7!87. !$-.-77 -7.7!7E$7 ,7-. 722! 7
1$7.7.27 72 7!!$- 7 7587.(7-!7!7 72 7$7 7 7,,.7 7!7-3.-7
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7
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$87.7,.)7..! 7 7+..7;777
2
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