Final Results

Ford Motor Co
20 January 2005

            
Contact:  Media:           Investment        Shareholder       Media Information 
          Glenn Ray,       Community:        Inquiries:        Center: 
          313-594-4410     Equity: Raj Modi  800-555-5259      800-665-1515 
          [e-mail]   313-323-8221      or                [e-mail]
                           [e-mail]   313-845-8540  
                                             [e-mail] 

                           Fixed Income:
                           Dan Gardetto
                           313-621-0881
                           [e-mail]

 

FORD REPORTS 2004 NET INCOME OF $3.5 BILLION, OR $1.73  PER SHARE; 
FOURTH-QUARTER NET INCOME OF 104 MILLION, OR 6 CENTS PER SHARE
          
•    Full-year and fourth-quarter net income and earnings per share improved 
     from 2003. 

•    Total full-year pre-tax profits of $5.8 billion, excluding special items, 
     increased $2.4 billion from 2003.

•    Full-year earnings from continuing operations of $2.11 per share, excluding 
     special items. 

•    Record full-year pre-tax profit of $5 billion, excluding special items, 
     from Financial Services sector. 

•    Full-year pre-tax profit of $850 million, excluding special items, from 
     worldwide Automotive sector. 

•    Full-year pre-tax profit for Ford Europe improved more than $1.2 billion, 
     excluding special items; South America results also substantially improved. 

•    Fourth-quarter earnings from continuing operations of $555 million, or 28 
     cents per share, excluding special items. 

•    Fourth-quarter pre-tax charge of $600 million taken to reduce the value of 
     a Visteon Corp. receivable.

DEARBORN, Mich., Jan. 20 - Ford Motor Company (NYSE: F) today reported full-year
2004 net income of $3.5 billion, or $1.73 per share, an increase of nearly $3
billion, or $1.46 per share, from a year ago, as the company achieved record
financial services profits and improved automotive results. In 2003, the company
reported net income of $495 million, or 27 cents per share.

Excluding special items, Ford's full-year earnings from continuing operations
totaled $4.3 billion in 2004, or $2.11 per share. This compares with year-ago
earnings from continuing operations of $2.2 billion, or $1.13 per share,
excluding special items.

Total full-year sales and revenue for 2004 was $170.8 billion, up $7.2 billion
from $163.6 billion last year.

'In 2004, our company gained momentum, delivering more revenue and earnings,
more new products, and more innovative breakthroughs, such as the Escape Hybrid,
the industry's first full-hybrid sport utility vehicle,' said Chairman and Chief
Executive Officer Bill Ford. 'We also confronted operating challenges with our
Jaguar brand and high industry marketing costs. Looking forward, we're going to
build on our successes as we launch more new products in 2005 and beyond.'

In addition, the company said 2004 net income was affected by a fourth-quarter
pre-tax charge taken to reduce the value of a receivable owed to Ford by Visteon
Corporation. The receivable relates to costs for which Visteon reimburses Ford
over the long-term for post-retirement health care benefits and life insurance
provided to Ford hourly employees assigned to Visteon and other select Visteon
employees.

FULL-YEAR HIGHLIGHTS

Ford's full-year accomplishments included:
          
     •    Earnings per share of $1.73, an increase of $1.46 from 2003.

     •    Automotive operating-related cash flow of $1 billion, excluding 
          special items.

     •    Cost savings of almost $900 million, at constant volume, mix and 
          currency exchange, excluding special items. 

     •    The successful launches of the Ford Five Hundred and Mercury Montego 
          sedans, the Ford Freestyle crossover, the Ford Mustang, the Ford 
          F-Series Super Duty, the Focus sedan in Europe, the Land Rover 
          LR3/Discovery and Volvo S40 and V50 in North America and Europe, and 
          the Ford Territory crossover in Australia. 

     •    Increased market share in Europe, South America and Asia Pacific. 

     •    Substantial improvement in South America's automotive profits. 

     •    A $1.2 billion improvement in pre-tax profits for Ford Europe that 
          returned the operation to profitability, excluding special items. 

     •    Record earnings from Ford Motor Credit Company. 

     •    Profits from The Hertz Corporation that were more than double 2003 
          results. 

FOURTH QUARTER

For the fourth quarter, the company reported net income of $104 million, or 6
cents per share. This compares with a fourth-quarter loss of $793 million, or 43
cents per share, in 2003. Excluding special items, fourth-quarter earnings from
continuing operations totaled $555 million, or 28 cents per share, compared to
$594 million, or 30 cents per share, a year ago.

Total sales and revenue in the fourth quarter were $44.7 billion, compared to
$45.9 billion in the year-ago period.

AUTOMOTIVE SECTOR

The following is a discussion of Ford's fourth-quarter and full-year pre-tax
results for its automotive operations. The pre-tax results exclude special
items. Reconciliation to pre-tax U.S. GAAP results is set forth below in the
Attachment that accompanies this press release.

For the full year, Ford's worldwide Automotive sector earned a pre-tax profit of
$850 million, a $697 million improvement from $153 million a year ago. The
improvement primarily reflected favorable net pricing and cost performance, the
favorable effect of tax-related interest on refunds and settlements of prior-
year audits, and improved parts profits, offset partially by unfavorable volume,
mix and currency exchange.

For the fourth quarter, Ford's worldwide Automotive sector reported a pre-tax
loss of $470 million, a decline of $483 million from a pre-tax profit of $13
million a year earlier. The decline primarily reflected unfavorable volume, mix
and currency exchange, offset partially by net interest.

Worldwide automotive revenue for 2004 was $147.1 billion, an increase of $8.8
billion from revenue of $138.3 billion a year ago. Total fourth-quarter
automotive revenue was $38.9 billion, a decline of $900 million from revenue of
$39.8 billion a year ago.

Total company vehicle unit sales in 2004 were 6,798,000, an increase of 62,000
units from 2003. Fourth-quarter vehicle unit sales totaled 1,751,000, a decline
of 133,000 units.

Automotive gross cash at Dec. 31, 2004 totaled $23.6 billion of cash, marketable
securities, loaned securities and short-term Voluntary Employee Benefits
Association (VEBA) assets.

THE AMERICAS

The Americas reported a full-year pre-tax profit for 2004 of $1.6 billion, a
decline of $58 million from a year ago. For the fourth quarter, the Americas had
a pre-tax loss of $426 million, compared to a pre-tax profit of $201 million a
year earlier.

North America: For 2004, Ford's North America automotive operations reported a
full-year pre-tax profit of $1.5 billion, a decline of $327 million from 2003.
The decline primarily reflected lower volumes. For the year, North America's
revenue totaled $83 billion, down $580 million from a year earlier, as higher
per-unit revenue offset partially a decline in vehicle unit sales.

For the fourth quarter, North America automotive operations lost $470 million,
compared to pre-tax profit of $205 million in 2003. The decline primarily
reflected lower volumes and unfavorable currency exchange, offset partially by
favorable pricing. Fourth-quarter revenue fell to $21.1 billion, down from $22.8
billion in 2003.

South America: Ford's South America automotive operations reported a full-year
pre-tax profit of $140 million, an increase of $269 million from a 2003 pre-tax
loss of $129 million. The improvement primarily reflected higher volume and
pricing, offset partially by higher commodity costs. Full-year revenue improved
to $3 billion from $1.9 billion in 2003.

In the fourth quarter, Ford's South America automotive operations posted a pre-
tax profit of $44 million, an improvement of $48 million from a pre-tax loss of
$4 million a year ago. The improvement primarily reflected higher volume and
pricing, offset partially by higher commodity costs. Revenue increased to $899
million, up from $623 million a year ago, as South America had higher volumes
for its Fiesta, EcoSport, Focus, Ka and Cargo models.

FORD EUROPE AND PREMIER AUTOMOTIVE GROUP (PAG)

The combined full-year pre-tax loss for Ford Europe and Premier Automotive Group
(PAG) was $626 million for 2004. This compares to a loss of $936 million for
2003. The combined full-year revenue totaled $54.2 billion, an increase of $7.3
billion from 2003 revenue of nearly $47 billion.

For the fourth quarter, Ford Europe and PAG had a combined pre-tax loss of $324
million, a decline from a pre-tax profit of $176 million a year ago. Combined
fourth-quarter revenue totaled $15.3 billion, an increase from $14.8 billion in
the prior-year period.

Ford Europe: Ford Europe posted a full-year pre-tax profit of $114 million,
reversing a pre-tax loss of $1.1 billion in 2003. The substantial improvement
primarily reflected cost savings, and higher profits from a joint venture in
Turkey. Revenue for the year totaled $26.5 billion, compared to $22.2 billion in
2003.

For the fourth quarter, Ford Europe reported a pre-tax loss of $69 million, a
decline from a pre-tax profit of $62 million in the prior-year period. The
deterioration primarily reflected lower unit sales, offset partially by fixed
cost reductions stemming from improvement actions taken in 2003. Fourth-quarter
revenue was $7.4 billion, about flat from a year ago.

Premier Automotive Group: For 2004, PAG reported a full-year pre-tax loss of
$740 million, a decline from a pre-tax profit of $171 million in 2003. The
decline primarily reflected unfavorable currency exchange and lower volumes at
Jaguar, offset partially by improved pricing. Full-year revenue for the group
was $27.6 billion, up $2.8 billion from 2003.

In the fourth quarter, PAG's pre-tax loss was $255 million, a deterioration of
$369 million from a pre-tax profit of $114 million a year ago. The year-over-
year decline primarily reflected unfavorable currency exchange related to a
weakening of the U.S. dollar, and lower volumes at Jaguar. Revenue for the
period was $7.8 billion, up from $7.4 billion in the 2003 fourth quarter.

ASIA PACIFIC AND AFRICA/MAZDA

For the full year, Asia Pacific and Africa/Mazda earned a combined pre-tax
profit of $163 million, compared with $46 million a year ago. The improvement of
$117 million primarily reflected higher profits from Ford's investment in Mazda
and associated operations.

Asia Pacific and Africa: For full-year 2004, Asia Pacific and Africa reported a
pre-tax profit of $45 million, an improvement of $68 million from a pre-tax loss
of $23 million a year ago. The improvement primarily reflected higher sales in
Australia, South Africa and Taiwan. Full-year revenue was $7 billion, an
increase from $5.8 billion in 2003.

For the fourth quarter, Asia Pacific and Africa reported a pre-tax loss of $13
million, compared with a pre-tax profit of $26 million in the year-ago period.
The decline is primarily the result of higher engineering costs and unfavorable
currency exchange, offset partially by stronger volume and mix, and favorable
net pricing. Fourth-quarter revenue was $1.6 billion, compared to $1.5 billion
in 2003.

Mazda: For full-year 2004, Ford's share of the pre-tax profit of Mazda and
associated operations was $118 million, up from $69 million a year ago.

For the 2004 fourth quarter, Ford's share of the pre-tax profit of Mazda and
associated operations was a pre-tax loss of $9 million, an improvement from a
pre-tax loss of $22 million a year ago. The fourth-quarter loss is primarily due
to a reduction in the value of Ford's holding of Mazda convertible bonds.

FINANCIAL SERVICES SECTOR

For the full year, excluding special items, Ford's Financial Services sector
reported a record pre-tax profit of $5 billion, up $1.7 billion over 2003,
driven by strong profits at both Ford Motor Credit Company and The Hertz
Corporation. For the fourth quarter, excluding special items, the Financial
Services sector earned a pre-tax profit of $1 billion, an improvement of $144
million over a year ago.

Ford Motor Credit Company: Ford Credit reported record net income of $2.9
billion in 2004, up $1.1 billion from earnings of $1.8 billion a year earlier.
On a pre-tax basis, excluding special items, Ford Credit earned $4.4 billion in
2004, compared with $3 billion in the previous year. The increase in earnings
primarily reflected improved credit loss performance and leasing results.

For the fourth quarter of 2004, Ford Credit earned net income of $543 million,
up $73 million from $470 million a year earlier. On a pre-tax basis, Ford Credit
earned $859 million in the fourth quarter, compared with $794 million in the
previous year. The increase in earnings primarily reflected improved credit loss
performance.

The Hertz Corporation: Hertz reported a full-year 2004 pre-tax profit of $493
million, a year-over-year improvement of $265 million. The improvement primarily
reflected higher car and equipment rental volumes, better fleet utilization, and
higher profits from the sales of used vehicles and equipment.

Hertz reported a fourth-quarter pre-tax profit of $107 million, up $63 million
from the same period in 2003.

OUTLOOK

'Despite the increasingly tough conditions in the global auto market, we
continued to make progress in building on the basics,' said Don Leclair,
executive vice president and chief financial officer. 'We are pleased with the
growing acceptance of our new products, as well as with the record earnings of
our Financial Services sector.'

To hear Don Leclair lead a review of the Company's full-year and fourth-quarter
financial results, investors and news media are invited to join a 9:00 a.m. ET
conference call on Thursday, Jan. 20. Participants should dial 800-599-9795
(International dial-in number is 617-786-2905) and use the verbal pass code of
'Ford Earnings Call.' A listen-only webcast also will be available at
http://www.shareholder.ford.com . Supporting presentation materials will be
available at the same web address just prior to the conference call's start.
Representatives of the investment community and news media will have an
opportunity to ask questions following the presentation.

Replays of the call will be available through Jan. 27 by dialing 888-286- 8010
with pass code 29481628. Using the same pass code, international callers may
hear the replay by dialing 617-801-6888. Webcasts of the replay also are
available at http://www.shareholder.ford.com .

Ford Vice President and Treasurer Ann Marie Petach, Ford Credit Vice Chairman
and CFO David Cosper, and Ford Vice President and Controller Jim Gouin will host
a conference call for fixed income analysts at 11:00 a.m. ET, Thursday, Jan. 20.
The dial-in number for the call is 800-599-9795. (International dial-in is 617-
786-2905.) The pass code for both numbers is a verbal response of 'Ford Fixed
Income Call.'

The presentation (on a listen-only basis) and supporting materials for fixed
income analysts will also be available at http://www.shareholder.ford.com . News
media and members of the investment community will have an opportunity to ask
questions following the presentation.

Telephone replays of the fixed income conference call will be available through
Jan. 27 by calling 888-286-8010 with pass code 55865600. The international dial-
in number is 617-801-6888 with the same pass code. Internet replays of this call
also will be available on demand at http://www.shareholder.ford.com .

Ford will review its 2005 business outlook and financial milestones during a
briefing with the investor community on Jan. 25, 2005 in New York. The
presentation also can be heard via telephone conference call or webcast. For
more details, please visit http://www.shareholder.ford.com .

Ford Motor Company, a global automotive industry leader based in Dearborn,
Michigan, manufactures and distributes automobiles in 200 markets across six
continents. With more than 327,000 employees worldwide, the company's core and
affiliated automotive brands include Aston Martin, Ford, Jaguar, Land Rover,
Lincoln, Mazda, Mercury and Volvo. Its automotive-related services include Ford
Motor Credit Company and The Hertz Corporation.

                                  - # # # -

     ATTACHMENT:

     TOTAL COMPANY
     2004 INCOME FROM CONTINUING OPERATIONS
     COMPARED WITH NET INCOME

                             Fourth Quarter                Full Year

                        Earnings After-   Memo:    Earnings   After-   Memo:
                          Per     Tax    Pre-Tax     Per       Tax    Pre-Tax
                         Share*  Profit   Profit    Share*    Profit   Profit
                                 (Mils.)  (Mils.)             (Mils.)  (Mils.)
    Income from
     Continuing
     Operations
     Excluding Special
     Items              $ 0.28   $ 555     $ 531   $ 2.11     $4,280   $5,813

    Special Items
    - Visteon Charges   $(0.18)  $(390)    $(600)  $(0.18)     $(390)   $(600)
    - Fuel Cell
       Technology
       Charges           (0.01)    (21)      (21)   (0.07)      (140)    (182)
    - P.A.G. Improvement
       Plan              (0.03)    (56)      (87)   (0.03)       (71)    (110)
    - European
       Improvement Plan     --      --        --    (0.02)       (32)     (49)
    - Property Clean-up
       Settlement **      0.01      29        45     0.01         29       45
    - Disposition of
       Non-Core
       Businesses        (0.02)    (53)      (81)   (0.02)       (42)     (64)

    Dilution Effect
     of Special Items    (0.02)     --        --       --         --       --

      Total Special
       Items            $(0.25)   (491)    $(744)  $(0.31)     $(646)   $(960)
      Income from
       Continuing
       Operations        $0.03     $64     $(213)   $1.80     $3,634   $4,853

    Discontinued
     Operations           0.03      40                         (0.07)    (147)
      Net Income         $0.06    $104                         $1.73   $3,487

    *   Earnings per share from continuing operations is calculated on a basis
        that includes pre-tax profit, provision for taxes, and minority
        interest

    **  Non-Automotive item


SAFE HARBOR

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 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, geo-political events 
          or other factors; 

     •    lower-than-anticipated market acceptance of new or existing products; 

     •    economic distress of suppliers that may require us to provide 
          financial support or take other measures to ensure supplies of 
          materials; 

     •    work stoppages at Ford or supplier facilities or other interruptions 
          of supplies; 

     •    the discovery of defects in vehicles resulting in delays in new model 
          launches, recall campaigns or increased warranty costs; 

     •    increased safety, emissions, fuel economy or other regulation 
          resulting in higher costs and/or sales restrictions; 

     •    unusual or significant litigation or governmental investigations 
          arising out of alleged defects in our products or otherwise; 

     •    worse-than-assumed economic and demographic experience for our 
          post-retirement benefit plans (e.g., investment returns, interest 
          rates, health care cost trends, benefit improvements); 

     •    currency or commodity price fluctuations, including rising steel 
          prices; 

     •    changes in interest rates; 

     •    a market shift from truck sales in the U.S.; 

     •    economic difficulties in any significant market; 

     •    higher prices for, or reduced availability of fuel; 

     •    labor or other constraints on our ability to restructure our business; 

     •    a change in our requirements under long-term supply arrangements under 
          which we are obligated to purchase minimum quantities or pay minimum 
          amounts; 

     •    credit rating downgrades; 
                                                         77
     •    inability to access debt or securitization markets around the world at 
          competitive rates or in sufficient amounts; 

     •    higher-than-expected credit losses; 

     •    lower-than-anticipated residual values for leased vehicles; 

     •    increased price competition in the rental car industry and/or a 
          general decline in business or leisure travel due to terrorist 
          attacks, acts of war, epidemic diseases or measures taken by 
          governments in response thereto that negatively affect the travel 
          industry; and 

     •    our inability to implement the Revitalization Plan. 


                                    -###-


                     Ford Motor Company and Subsidiaries
                          SECTOR STATEMENT OF INCOME
               For the Periods Ended December 31, 2004 and 2003
                   (in millions, except per share amounts)

                                     Fourth Quarter          Full Year
                                    2004       2003        2004        2003
                                      (unaudited)      (unaudited)
    AUTOMOTIVE
    Sales                          $38,871   $39,807     $147,134  $138,260
    Costs and expenses
    Cost of sales                   37,218    38,626      135,856   129,685
    Selling, administrative
     and other expenses              3,323     2,870       11,455    10,131
    Total costs and expenses        40,541    41,496      147,311   139,816

    Operating income/(loss)         (1,670)   (1,689)        (177)   (1,556)

    Interest expense                   127       445        1,221     1,323

    Interest income and other
     non-operating income/
     (expense), net                    480       116          988       897
    Equity in net
     income/(loss)
     of affiliated companies            58        26          255        74

    Income/(loss) before income
     taxes - Automotive             (1,259)   (1,992)        (155)   (1,908)

    FINANCIAL SERVICES
    Revenues                         5,851     6,066       23,705    25,352

    Costs and expenses
    Interest expense                 1,508     1,526        5,850     6,320
    Depreciation                     1,662     1,898        6,618     8,771
    Operating and
     other expenses                  1,276     1,225        5,017     4,766
    Provision for credit
     and insurance losses              359       560        1,212     2,248
    Total costs and expenses         4,805     5,209       18,697    22,105

    Income/(loss) before income
     taxes - Financial Services      1,046       857        5,008     3,247

    TOTAL COMPANY
    Income/(loss) before income taxes (213)   (1,135)       4,853     1,339
    Provision for/(benefit from)
      income taxes                    (340)     (544)         937       123
    Income/(loss) before
     minority interests                127      (591)       3,916     1,216
    Minority interests in net
     income/(loss) of subsidiaries      63        69          282       314
    Income/(loss) from
     continuing operations              64      (660)       3,634       902
    Income/(loss) from
     discontinued operations            40      (133)        (147)     (143)
    Cumulative effect of change
     in accounting principle            --        --           --      (264)
    Net income/(loss)                 $104     $(793)      $3,487      $495

    Average number of shares
     of Common and Class B
     Stock outstanding               1,829     1,833        1,830     1,832

    AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK
    Basic income/(loss)
     Income/(loss) from
      continuing operations          $0.04   $ (0.36)       $1.99     $0.49
     Income/(loss) from
      discontinued operations         0.02     (0.07)       (0.08)    (0.08)
     Cumulative effect of
      change in accounting principle    --        --           --     (0.14)
     Net income/(loss)               $0.06   $ (0.43)       $1.91     $0.27
    Diluted income/(loss)
     Income/(loss) from
      continuing operations          $0.03   $ (0.36)       $1.80     $0.49
     Income/(loss) from
      discontinued operations         0.03     (0.07)       (0.07)    (0.08)
     Cumulative effect of
      change in accounting principle    --        --           --     (0.14)
     Net income/(loss)               $0.06   $ (0.43)       $1.73     $0.27

    Cash dividends                   $0.10     $0.10        $0.40     $0.40

Certain amounts in prior year's financial statements have been reclassified to
conform with current year presentation.


                     Ford Motor Company and Subsidiaries
                       CONSOLIDATED STATEMENT OF INCOME
               For the Periods Ended December 31, 2004 and 2003
                   (in millions, except per share amounts)

                                     Fourth Quarter          Full Year
                                     2004      2003        2004        2003
                                      (unaudited)      (unaudited)
    Sales and revenues
    Automotive sales               $38,871   $39,807     $147,134  $138,260
    Financial Services revenues      5,851     6,066       23,705    25,352
      Total sales and revenues      44,722    45,873      170,839   163,612

    Costs and expenses
    Cost of sales                   37,218    38,626      135,856   129,685
    Selling, administrative
     and other expenses              6,261     5,993       23,090    23,668
    Interest expense                 1,635     1,971        7,071     7,643
    Provision for credit
     and insurance losses              359       560        1,212     2,248
    Total costs and expenses        45,473    47,150      167,229   163,244
    Automotive interest income
     and other non-operating
     income/(expense), net             480       116          988       897
    Automotive equity in net
     income/(loss) of
     affiliated companies               58        26          255        74
    Income/(loss)
     before income taxes              (213)   (1,135)       4,853     1,339
    Provision for/(benefit from)
     income taxes                     (340)     (544)         937       123
    Income/(loss) before
     minority interests                127      (591)       3,916     1,216
    Minority interests in
     net income/(loss) of subsidiaries  63        69          282       314
    Income/(loss) from
     continuing operations              64      (660)       3,634       902
    Income/(loss) from
     discontinued operations            40      (133)        (147)     (143)
    Cumulative effect of change
     in accounting principle            --        --           --      (264)
    Net income/(loss)                 $104     $(793)      $3,487      $495

    Average number of shares
     of Common and Class B
     Stock outstanding               1,829     1,833        1,830     1,832

    AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK
    Basic income/(loss)
      Income/(loss) from
       continuing operations         $0.04   $ (0.36)       $1.99     $0.49
      Income/(loss) from
       discontinued operations        0.02     (0.07)       (0.08)    (0.08)
      Cumulative effect of change
       in accounting principle          --        --           --     (0.14)
      Net income/(loss)              $0.06   $ (0.43)       $1.91     $0.27
    Diluted income/(loss)
      Income/(loss) from
       continuing operations         $0.03   $ (0.36)       $1.80     $0.49
      Income/(loss) from
       discontinued operations        0.03     (0.07)       (0.07)    (0.08)
      Cumulative effect of change
       in accounting principle          --        --           --     (0.14)
      Net income/(loss)              $0.06   $ (0.43)       $1.73     $0.27

    Cash dividends                   $0.10     $0.10        $0.40     $0.40

Certain amounts in prior year's financial statements have been reclassified to 
conform with current year presentation.


                     Ford Motor Company and Subsidiaries
                             SECTOR BALANCE SHEET
                                (in millions)

                                                  December 31,    December 31,
                                                       2004           2003
    ASSETS                                         (unaudited)
    Automotive
    Cash and cash equivalents                       $ 10,143         $6,856
    Marketable securities                              8,291          9,316
    Loaned securities                                  1,058          5,667
      Total cash, marketable and loaned securities    19,492         21,839
    Receivables, net                                   2,896          2,698
    Inventories                                       10,766          9,151
    Deferred income taxes                              3,837          3,225
    Other current assets                               7,891          6,829
      Total current assets                            44,882         43,742
    Equity in net assets of affiliated companies       1,907          1,930
    Net property                                      42,906         41,919
    Deferred income taxes                             10,996         12,090
    Goodwill and other intangible assets               6,374          6,053
    Assets of discontinued/held-for-sale operations      180            410
    Other assets                                       8,962          9,300
      Total Automotive assets                        116,207        115,444

    Financial Services
    Cash and cash equivalents                         13,368         16,352
    Investments in securities                          1,216          1,123
    Finance receivables, net                         113,824        110,003
    Net investment in operating leases                31,763         31,859
    Retained interest in sold receivables              9,166         12,569
    Goodwill and other intangible assets                 897            947
    Assets of discontinued/held-for-sale operations    2,186          1,810
    Other assets                                      13,746         17,260
    Receivable from Automotive                         2,753          3,356
      Total Financial Services assets                188,919        195,279
      Total assets                                  $305,126       $310,723

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Automotive
    Trade payables                                  $ 16,030       $ 15,279
    Other payables                                     3,065          2,940
    Accrued liabilities                               33,573         32,143
    Debt payable within one year                         977          1,806
    Current payable to Financial Services              1,382            124
      Total current liabilities                       55,027         52,292

    Senior debt                                       12,303         13,832
    Subordinated debt                                  5,155          5,155
    Total long-term debt                              17,458         18,987
    Other liabilities                                 35,790         39,889
    Deferred income taxes                              3,042          2,352
    Liabilities of discontinued/held-for-sale
     operations                                           42            152
    Payable to Financial Services                      1,371          3,232
      Total Automotive liabilities                   112,730        116,904

    Financial Services
    Payables                                           2,394          2,188
    Debt                                             154,538        159,011
    Deferred income taxes                             10,549         11,079
    Other liabilities and deferred income              8,206          9,148
    Liabilities of discontinued/held-for-sale
     operations                                           93             83
      Total Financial Services liabilities           175,780        181,509

    Minority interests                                   876            659

    Stockholders' equity
    Capital stock
      Common Stock, par value $0.01 per share
       (1,837 million shares issued)                      18             18
      Class B Stock, par value $0.01 per share
       (71 million shares issued)                          1              1
    Capital in excess of par value of stock            5,321          5,374
    Accumulated other comprehensive income/(loss)        953           (414)
    Treasury stock                                    (1,728)        (1,749)
    Earnings retained for use in business             11,175          8,421
      Total stockholders' equity                      15,740         11,651
      Total liabilities and stockholders' equity    $305,126       $310,723

Certain amounts in prior year's financial statements have been reclassified to 
conform with current year presentation.


                     Ford Motor Company and Subsidiaries
                          CONSOLIDATED BALANCE SHEET
                                (in millions)

                                                  December 31,  December 31,
                                                      2004           2003
                                                  (unaudited)
    ASSETS
    Cash and cash equivalents                       $ 23,511       $ 23,208
    Marketable securities                              9,507         10,439
    Loaned securities                                  1,058          5,667
    Finance and other receivables, net               116,720        112,701
    Net investment in operating leases                31,763         31,859
    Retained interest in sold receivables              9,166         12,569
    Inventories                                       10,766          9,151
    Equity in net assets of affiliated companies       2,835          2,959
    Net property                                      44,551         43,524
    Deferred income taxes                              5,090          7,389
    Goodwill and other intangible assets               7,271          7,000
    Assets of discontinued/held-for-sale operations    2,366          2,220
    Other assets                                      27,993         30,711
      Total assets                                  $292,597       $299,397

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Payables                                        $ 21,489       $ 20,407
    Accrued liabilities                               31,187         29,563
    Debt                                             172,973        179,804
    Other liabilities and deferred income             43,868         48,639
    Deferred income taxes                              6,329          8,439
    Liabilities of discontinued/held-for-sale
     operations                                          135            235
      Total liabilities                              275,981        287,087

    Minority interests                                   876            659

    Stockholders' equity
    Capital stock
      Common Stock, par value $0.01 per share
       (1,837 million shares issued)                      18             18
      Class B Stock, par value $0.01 per share
       (71 million shares issued)                          1              1
    Capital in excess of par value of stock            5,321          5,374
    Accumulated other comprehensive income/(loss)        953           (414)
    Treasury stock                                    (1,728)        (1,749)
    Earnings retained for use in business             11,175          8,421
      Total stockholders' equity                      15,740         11,651
      Total liabilities and stockholders' equity    $292,597       $299,397

Certain amounts in prior year's financial statements have been reclassified to 
conform with current year presentation.


                     Ford Motor Company and Subsidiaries
                   CONDENSED SECTOR STATEMENT OF CASH FLOWS
               For the Periods Ended December 31, 2004 and 2003
                                (in millions)

                                       Full Year 2004        Full Year 2003
                                               Financial             Financial
                                    Automotive  Services  Automotive  Services
                                         (unaudited)

    Cash and cash equivalents
     at January 1                     $ 6,856  $ 16,352     $ 6,243    $7,071

    Cash flows from operating
     activities before securities
     trading                            1,397    15,501       1,318    15,962
    Net sales/(purchases) of
     trading securities                 5,600        92       1,630       524
    Net cash flows from
     operating activities               6,997    15,593       2,948    16,486

    Cash flows from investing activities
     Capital expenditures              (6,287)     (458)     (7,357)     (379)
     Acquisitions of retail and
      other finance receivables
      and operating leases                 --   (62,852)         --   (59,503)
     Collections of retail and other
      finance receivables and
      operating leases                     --    50,810          --    44,118
     Net (increase)/decrease in
      wholesale receivables                --    (2,174)         --    (2,762)
     Net acquisitions of
      daily rental vehicles                --    (2,492)         --    (1,505)
     Purchases of securities           (7,590)     (880)     (8,925)   (1,149)
     Sales and maturities
      of securities                     7,615       799       8,673       709
     Proceeds from sales of
      finance receivables and
      operating leases                     --    10,438          --    19,367
     Proceeds from sale of businesses     125       412          77       204
     Repayment of debt from
      discontinued operations              --        --          --     1,421
     Net investing activity
      with Financial Services           4,361        --       3,708        --
     Cash paid for acquisitions           (30)       --          --        --
     Cash recognized on initial
      consolidation of joint ventures      --        --         256        --
     Other                                101      (465)        716       883
     Net cash (used in)/provided by
      investing activities             (1,705)   (6,862)     (2,852)    1,404

    Cash flows from financing activities
     Cash dividends                      (732)       --        (733)       --
     Net sales/(purchases) of
      Common Stock                       (151)       --           9        --
     Changes in short-term debt          (342)    5,279        (237)    1,542
     Proceeds from issuance
      of other debt                       469    21,754       1,144    21,942
     Principal payments on other debt  (2,585)  (33,436)     (1,097)  (27,683)
     Net financing activity
      with Automotive                      --    (4,361)         --    (3,708)
     Other                                (39)      (81)        (15)      (67)
    Net cash (used in)/provided
     by financing activities           (3,380)  (10,845)       (929)   (7,974)

    Effect of exchange rate
     changes on cash                      117       388         260       551
    Net transactions with
     Automotive/Financial Services      1,258    (1,258)      1,186    (1,186)

    Net increase/(decrease) in cash
     and cash equivalents               3,287    (2,984)        613     9,281

    Cash and cash equivalents at
     December 31                      $10,143   $13,368     $ 6,856   $16,352

Certain amounts in prior year's financial statements have been reclassified to 
conform with current year presentation.


                     Ford Motor Company and Subsidiaries
                CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
               For the Periods Ended December 31, 2004 and 2003
                                (in millions)

                                                           Full Year
                                                        2004        2003
                                                    (unaudited)

    Cash and cash equivalents at January 1            $ 23,208    $ 13,314

    Cash flows from operating activities
     before securities trading                          18,681      15,484
    Net sales/(purchases) of trading securities          5,692       2,154
      Net cash flows from operating activities          24,373      17,638

    Cash flows from investing activities
     Capital expenditures                               (6,745)     (7,736)
     Acquisitions of retail and other
      finance receivables and operating leases         (62,852)    (59,503)
     Collections of retail and other
      finance receivables and operating leases          50,810      44,118
     Net acquisitions of daily rental vehicles          (2,492)     (1,505)
     Purchases of securities                            (8,470)    (10,074)
     Sales and maturities of securities                  8,414       9,382
     Proceeds from sales of retail and other
      finance receivables and operating leases           6,481      18,401
     Proceeds from sale of businesses                      537         281
     Repayment of debt from discontinued operations         --       1,421
     Cash paid for acquisitions                            (30)         --
     Cash recognized on initial consolidation
      of joint ventures                                     --         256
     Other                                                (364)      1,599
      Net cash (used in)/provided by
       investing activities                            (14,711)     (3,360)

    Cash flows from financing activities
     Cash dividends                                       (732)       (733)
     Net sales/(purchases) of Common Stock                (151)          9
     Changes in short-term debt                          4,937       1,305
     Proceeds from issuance of other debt               22,223      23,086
     Principal payments on other debt                  (36,021)    (28,780)
     Other                                                (120)        (82)
      Net cash (used in)/provided by
       financing activities                             (9,864)     (5,195)

    Effect of exchange rate changes on cash                505         811


      Net increase/(decrease) in cash
       and cash equivalents                                303       9,894

    Cash and cash equivalents at December 31          $ 23,511    $ 23,208

Certain amounts in prior year's financial statements have been reclassified to 
conform with current year presentation.



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