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Management’s Discussion and Analysis of Financial Condition and Results of Operations
34 Ford Motor Company | 2008 Annual Report
$ 87,!7.7!-$73797!.-9. 7!.!7.27 . 7.7.(.!-.3-71-$!(-7 $7
7! 87E!!57(!7,-.-7!.!7.7.! .-7!.!777.-87.7E!!!57.7! 73 73-!. !;7
7
7! R7$!7$7!-$7!2.!-7$! !. !7.87 7.7-!2! 71  87$$73 ;777! 7!$7
3 7 97.7-9 273 7 . 7!7-7373 7! ! $ !.-7.7 .!-7!( 87,! 7-9 273 7.(!7.7!!.-7
2. $! 7727 .7@B72 ;777! 77.7$2377$! !. !7.27 . 7.737 $ $7 7
(!73 7 97.7-9 27$!7 $7! ! $ !.-7!( 7!7 7*! 7" . 7.7! . !.-7.! .-7
2.) ;77$!7B>>K877! 7 !$7 72 7.7!!!. 7 !77! 7$!7$!2 7 $7$! !. !7
3.$77 !7-,7-. !(7 7!(7! 7! 7. !7E.7!373-,57.7 7!(! 77$!7$7 . 7
7(!;77"$! !7$!7E3 797.793.-.7 87 77 .!7!  587.7.7 77  .-72..7
!(.3-87,.7.7--,7. 7 777.77 7-. 7 7.O77B>>K7L7IB?87B>>J7L7G@?87B>>I7L7FK?;7
7
7! 73 .!7 9 27$$7$!727 7.-77-. !7. 72.7 7$7! 77'  7
(. .7.27.737!$!7$$722!.-7.7!7 7*! 7" . 87$87.7 7! . !.-7
2.) ;77 7237D@87B>>K87 7!!.-7.2$ 7$  .!777'  7(. .7 87,!72.737
27. 7.7 !27. 7 7 !77 7-7 7,! $ 7 ! !87,.7.3$ 7=B73!--!;77 7 87.--777
! R7 9 27! 7. !737"9!. 7. !.--7!7 . ! !.-7. !7.!. !7E 7:":57
.73-,7 7&!9B7. 87.7.7.7$- 7! 7.7-!2! 7.7 7 7$$722!.-7.72.) 7.77
! R7$$722!.-7.7. 737-737272.) 7$;77 7237D@87B>>K87 7!!.-7.2$ 7
$  .!777! R7$$722!.-7.7,.7.3$ 7=@B72!--!;777! 77 7-7(7
!!.--7 7$7 7.2 77.77! 7$$7 9 27$!73-!. !;77' .877! 72.! .!7
2$- !-7$77-!$!! 87!-$!7.87.7$!(.- 87.72.) .3-7$! !7E1-$!72.) .3-7$! !7
-. 7 7!$.7. !(! !587$$722! 7-!$!! 7.28717$! !.3-7. 87.722! 7.7
$22! 7! 7.!-! !87,!77! 73-!(7$-737$!! 77! 7$$7 9 27$!73-!. !;7
7
%.42!2+.6777! C7.9 27$!7$7!-$7(2 97
$!7.2;77'7 37B>>K877! 7! 7 7--7$7 7=@I73!--!777! R7 .!-7$! !. !7
.27E::57. 93.)722!.-7.7 7 7*;";7.-7(C722!.-7.7$!7.!-! 7
ETH5;77.7.-7$7 77!77.7 277M>7.7.7.-7.7372.7 $7 37D>87B>>M;77&$7
237D@87B>>K877! 7-7 7 77.3$ 7=J73!--!777. 93.)722!.-7.;77'7.! !87.7
7237D@87B>>K877.7.7=@;@73!--!77 9 27$!7$7 7$.7 .-7.)C7ETH57
72.) 7. !7.27$7,!73-!. !7.73.)737! 7 77!(.3-;77'7+.$.7B>>M87 7
7.$7.7!.7!7 72!!2$27. !7 -7$!7 7.7$!7$7 !7.!-! 7.7 7!7
. !7$!2 7$-7$7C7-(-77$!727 !7.!-! ;7
7
'7(237B>>K87 7*;";7.-7(7.$7 7&27 9.)7"$! !7.7.!-! 7ET&H587
$$. 7 7,!7 7.-7(7.)77,7)7,!--7(!7$7 7=B>>73!--!779$7-.7 7!( 7
!7!-9. 7. 93.)7$! !7,7-7 7$! !7.7--. .-77 79$7-.;77 9
3.)7$! !73.)737.$ 2 !(7 .!-87-.87.7,-.-7!.7!(.3-7$.-!77 7&7.2;77
73$.7@>87B>>M87 !7.27,.7$ 71.7 7=@7 !--!737 7$27.7$!7!7'! !. !(7
.7. 77 7!.!.-7" .3!-! 7-.7.$737 7*;";7&.$;77
7
&737-!!3-77&87. 93.)7$! !72$ 737!$7. 7+.$.7@87B>>M87.7.--77$3 . !.--7.--77 7
$-!7.$ 2 !(7!.7!(.3-72$ 7.(737!!. 777. 7 37@87B>>J;77&7..-7 7.73.7
!( 73.77! 7. 93.)7$! !877! 7-.7 72.)7 72.%! 77! 7B>>M7*;";7. 93.)7
$! !. !7-!!3-77&87,!7,$-7$!7 . 7 7$! !. !7.(7.7! 7. !7!7 7! 7-9
277 9 27!( 2 7.7. !7. 727 ,77272.%7"7E.7!. 737 7.-7
(7.)57.7 7.(7.7! 7. !73-,7 7! 7!( 2 7.7. !7. 727.72.%7";777
7
4-.-7$! !. !7$7 7&7.27!7-!2! 7 7 7.2$ 77.7!$C7,-.-7$! !. !7
2. $!7!7B>>M87,!777! 7,$-7-!2! 7! 7&9-!!3-7,-.-7!$.7 7=I;G73!--!87.$2!7 7
-(. 7! 7. !7$!2 7.72 ;77 7 !7 !2877! 77 72 7 7! 7. !7$!2 7$7
&7.7 77.277! 7,-.-7$! !. !873$ 7!7,)!7 ,.72 !7 7! 7. !7$!2 7
!7 7.7$ $;777! R7!.3!-! 7 73 .!7 7.7! 7. !77! 7!$.7,$-7-!2! 7! 7.3!-! 7 7
!.7,-.-7!(.3-77$7.-;777
7