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• Net loss of $5.9 billion, or $2.46 per share, for the fourth quarter of 2008 amid a sharp global decline in vehicle demand; pre-tax loss of $3.7 billion from continuing operations, excluding special items. ++
• Reduced Automotive costs by $1.4 billion in fourth quarter and $4.4 billion in 2008 versus year-ago levels. Achieved $5.1 billion in North America cost reductions at year-end 2008 compared with 2005, excluding favorable impact of depreciation and amortization from asset impairment at the end of the second quarter.
• Decisively reduced global dealer stocks by more than 50,000 vehicles compared with the third quarter. Ford now has among the lowest days’ supply in the industry.
• Product transformation continues to gain strength, helping the company to gain market share in Europe for fourth quarter and full year, and in the U.S. in the fourth quarter.
• Total liquidity of $24 billion, including Automotive gross cash of $13.4 billion, at Dec. 31, 2008. +++
• Ford is drawing its available credit lines due to concerns about the instability of the capital markets with the uncertain state of the economy. The $10.1 billion will be added to company cash for the first quarter 2009.
• The United Auto Workers union has agreed to end the “jobs bank” at Ford. The company and the union are presently working out the details of implementation.
• Based on current planning assumptions, Ford has sufficient Automotive liquidity to fund its business plan and product investments and does not need a bridge loan from the U.S. government.
• Ford remains on track for both its overall and its North American Automotive pre-tax results to be at or above breakeven in 2011, excluding special items.

Financial Results Summary	Fourth Quarter		Full Year
	2008	O/(U) 2007	2008	O/(U) 2007
Wholesales (000) ++	1,138	(505)	5,404	(1,149)
Revenue (Bils.) ++	$ 29.2	$ (16.3)	$ 139.3	$ (34.6)
Continuing Operations ++
Automotive Results (Mils.)	$ 3,279)	$ 2,390)	$ (6,203)	$ (5,105)
Financial Services (Mils.)	(384)	(653)	( 495)	(1,719)
Pre-Tax Results (Mils.)	$ (3,663)	$ 3,043)	$ (6,698)	$ 6,824)
After-Tax Results (Mils.)	$ (3,273)	$ 2,786)	$ (7,119)	$ 6,695)
Earnings Per Share ++++	$ (1.37)	$ (1.14)	$ (3.13)	$ (2.92)
Special Items Pre-Tax (Mils.)	$ (1,386)	$ 2,466	$ (7,605)	$ (3,733)
Net Income
After-Tax Results (Mils.)	$ (5,875)	$ (3,064)	$ (14,571)	$ (11,848)
Earnings Per Share	$ (2.46)	$ (1.13)	$ (6.41)	$ (5.03)
Automotive Gross Cash (Bils.) +++	$ 13.4	$ (21.2)	$ 13.4	$ (21.2)

See end notes on page 11.

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