1st Quarter Results

Ford Motor Co
19 April 2001


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           FORD REPORTS FIRST QUARTER EARNINGS OF $1.1 BILLION 

* Earnings per share 60 cents (excluding accounting change). 
* North America margins improve from fourth quarter; Europe profitable; South   
  America recovery continues. 
* Ford Credit earnings up 15 percent. 
* Positive operating cash flow and strong balance sheet. 

DEARBORN, Mich., April 19 - Ford Motor Company (NYSE: F) earned $1.06 billion in
the first quarter of 2001. Excluding adjustments for the new Statement of
Financial Accounting Standard 133 (SFAS 133), Ford earned $1.13 billion or 60
cents per diluted share of common and Class B stock. That compares to $1.93
billion or 90 cents a share from continuing operations in the first quarter of
2000, adjusted for the Value Enhancement Plan.

'Our first quarter performance shows the underlying strengths of Ford Motor
Company in an uncertain economic environment,' said Jacques Nasser, president
and CEO. 'We have a great team, strong brands, strong products and a strong
balance sheet. This combination provided us with the platform to produce good
results in an unsettled economic environment. This gives us a solid foundation
for 2001,' Nasser said.

Ford's first quarter results were bolstered by strong performance from Ford
Credit, which improved its earnings by 15 percent to $406 million (excluding
SFAS 133).

Ford's worldwide vehicle unit sales in the first quarter were 1,805,000, down 6
percent from 1,914,000, while revenues declined 1 percent to $42.36 billion from
$42.89 billion a year ago.

AUTOMOTIVE OPERATIONS

First quarter automotive earnings (excluding SFAS 133) were $748 million, down
from $1.55 billion a year ago, primarily because of lower unit volumes in North
America from last year's record levels. Worldwide automotive revenues were
$34.65 billion, compared with $36.18 billion a year ago. Total costs, assuming
constant volume and mix, were unchanged in the 2001 first quarter from a year
ago.

Automotive gross cash at March 31 remained strong, totaling $19.1 billion,
including $3.3 billion of pre-funding employee benefit expenses through a
Voluntary Employee Beneficiary Association (VEBA) trust. 

North America: First quarter earnings in North America were $754 million
(excluding SFAS 133), compared to $1.67 billion a year ago. This reflects lower
industry sales and market share, and higher marketing costs. First quarter 2001
market share and profitability also were negatively affected by low availability
of the new Ford Explorer and Mercury Mountaineer as production of new models
ramped up. Return on sales (ROS) was 3.2 percent for the 2001 first quarter,
compared with 2.9 percent in the 2000 fourth quarter, and 6.2 percent in the
year-ago first quarter. Revenue was $23.66 billion, compared to $27.21 billion.

Europe: Ford earned $88 million in the first quarter in Europe, $91 million
better than the first quarter a year ago. The success of the Ford Mondeo and
Ford Transit drove volumes higher, which contributed to the improvement. Lower
costs as a result of last year's restructuring actions also contributed to
results. ROS improved to 1 percent. First quarter revenue was $8.68 billion, a
22 percent increase over $7.13 billion a year ago, primarily reflecting the
addition of Land Rover.

South America: Ford's South American operations generated their sixth quarter in
a row of improved performance. In the region, Ford had a loss of $53 million,
down from a loss of $82 million in the first quarter of last year.

Rest-of-world: In the rest of the world, Ford's results for the first quarter
were a loss of $41 million compared to a loss of $30 million a year ago.

FORD CREDIT

Ford Credit earned $406 million (excluding SFAS 133) in the first quarter, up
from $353 million a year ago. Including SFAS 133 adjustments, Ford Credit had
first quarter earnings of $393 million. Results were up primarily because of
higher financing volume. Improvements in investment and other income offset
higher credit losses primarily associated with the restructuring of North
American operations and lower net financing margins. 

HERTZ

The Hertz Corporation posted a first quarter loss of $4 million compared to a
profit of $56 million in the 2000 first quarter. The loss reflects lower pricing
and volume as a result of the slowing U.S. economy and higher costs.

OUTLOOK

In addition to the new Ford Explorer and Mercury Mountaineer, Ford Motor
Company's new products to be introduced this year include the Ford Thunderbird,
Lincoln Blackwood and Jaguar X-Type. Land Rover's Freelander also will be
introduced to the U.S. this year. 

'We have a tremendous lineup of new products that will continue to enhance our
strong brands and set us apart from the competition,' Nasser said. 'The launch
of the Ford Explorer and Mercury Mountaineer is off to a good start, and should
provide great momentum to our North American business. The aggressive
restructuring actions we took overseas are beginning to show improved results.
We also continue to focus on improving our business structure, e-business and
customer satisfaction. 

'The net result of our first quarter performance was positive operating cash
flow in this challenging period and a continuing strong balance sheet. Overall,
we are confident going forward,' Nasser said.

SFAS 133

SFAS 133 is a new accounting standard for derivative instruments and hedging
activities that took effect Jan. 1, 2001. Adoption of the standard resulted in a
negative, non-cash adjustment to first quarter earnings of $72 million, equal to
about 4 cents a share. Including the adjustment, Ford earned $1.06 billion or 56
cents a share in the first quarter.

Investors can hear a review of first quarter results by Henry Wallace, Ford
Motor Company chief financial officer, on the Internet at
www.shareholder.ford.com, www.streetevents.com or www.streetfusion.com. The
presentation will start at 9 a.m. EDT, April 19.

Ford Motor Company is the world's second largest automaker, selling vehicles in
200 markets and with approximately 345,000 employees on six continents. Its
automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln,
Mazda, Mercury and Volvo. Its automotive-related services include Ford Credit,
Quality Care and Hertz.




Statements included herein may constitute 'forward looking statements' within
the meaning of the Private Securities Litigation Reform Act of 1995. These
statements involve a number of risks, uncertainties, and other factors that
could cause actual results to differ materially from those stated, including,
without limitation: greater price competition in the U.S. and Europe resulting
from currency fluctuations, industry overcapacity or other factors; a
significant decline in industry sales, particularly in the U.S. or Europe,
resulting from slowing economic growth; market acceptance of new products;
currency or commodity price fluctuations; economic difficulties in South America
or Asia; higher fuel prices; a market shift from truck sales in the U.S.;
lower-than-anticipated residual values for leased vehicles; labor or other
constraints on our ability to restructure our business; increased safety or
emissions regulation resulting in higher costs and/or sales restrictions; work
stoppages at key Ford or supplier facilities; and the discovery of defects in
vehicles resulting in recall campaigns, increased warranty costs or litigation.

 

                      Ford Motor Company and Subsidiaries

                                 HIGHLIGHTS


                                                           First Quarter        
     
                                                        2001           2000   
    
            
Worldwide vehicle unit sales of cars and trucks
(in thousands)
             
- North America                                        1,104           1,312
 
- Outside North America                                  701             602
 
    Total                                              1,805           1,914
 
         
Sales and revenues (in millions)
       
- Automotive                                         $34,650         $36,175
 
- Financial Services                                   7,711           6,719
 
    Total                                            $42,361         $42,894
 
         
Net income (in millions)
       
- Automotive                                         $   689         $ 1,552
 
- Financial Services                                     370             380
 
    Income from continuing operations                  1,059           1,932
 
- Discontinued operation                                   -             147
 
    Total                                            $ 1,059         $ 2,079
 
         
Capital expenditures (in millions)
       
- Automotive                                         $ 1,357         $ 1,500
 
- Financial Services                                     131             306
 
    Total                                            $ 1,488         $ 1,806
 
         
Automotive capital expenditures as a
  percentage of sales                                    3.9%           4.1%
 
         
Stockholders' equity at March 31
       
- Total (in millions)                                $16,069        $28,419
 
- Annualized after-tax return on Common and
       
   Class B stockholders' equity                         25.7%         27.7%
 
         
Automotive net cash at March 31
 (in millions)
       
- Cash and marketable securities                     $15,767       $22,848
 
- Debt                                                12,036        10,753
 
   Automotive net cash                               $ 3,731       $12,095
 
         
After-tax return on sales
       
- North American Automotive                              3.0%          6.2%
 
- Total Automotive                                       2.0%          4.3%
 
         
Shares of Common and Class B Stock
       
 (in millions)
       
- Average number outstanding                          1,840          1,206
 
- Number outstanding at March 31                      1,830          1,205
 
         
Common Stock price (per share)
       
- High                                              $ 31.37        $ 30.33
 
- Low                                                 23.75          22.12
 
         
AMOUNTS PER SHARE OF COMMON AND CLASS B
 STOCK AFTER PREFERRED STOCK DIVIDENDS
       
         
Income assuming dilution
       
- Automotive                                        $  0.36        $  1.27
 
- Financial Services                                   0.20           0.31
 
    Total continuing operations                        0.56           1.58
 
- Discontinued operation                                  -           0.12
 
    Total                                           $  0.56        $  1.70
 
         
Cash dividends                                      $  0.30        $  0.50