SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report July 17, 1996
(Date of earliest event reported)
FORD MOTOR COMPANY
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-3950 38-0549190
(Commission File Number) (IRS Employer Identification No.)
The American Road, Dearborn, Michigan 48121
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 313-322-3000
<PAGE>
Item 5. Other Events.
- ---------------------
News release dated July 17, 1996, filed as Exhibit 20 to
this Current Report on Form 8-K, is incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
- -----------------------------------------------------------------
EXHIBITS
--------
Designation Description Method of Filing
- ----------- ----------- ----------------
Exhibit 20 News release dated July 17, 1996 Filed with this Report
Exhibit 27.1 Financial Data Schedule -
Automotive Segment Filed with this Report
Exhibit 27.2 Financial Data Schedule -
Financial Services Segment Filed with this Report
Exhibit 27.3 Financial Data Schedule -
Conglomerate Total Filed with this Report
SIGNATURE
---------
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized on the
date indicated.
FORD MOTOR COMPANY
(Registrant)
Date: July 17, 1996 By:/s/Peter Sherry, Jr.
------------- -----------------------
Peter Sherry, Jr.
Assistant Secretary
<PAGE>
EXHIBIT INDEX
-------------
DESIGNATION DESCRIPTION PAGE
- ----------- ----------- ----
Exhibit 20 News release dated July 17, 1996
Exhibit 27.1 Financial Data Schedule -
Automotive Segment
Exhibit 27.2 Financial Data Schedule -
Financial Services Segment
Exhibit 27.3 Financial Data Schedule -
Conglomerate Total
<PAGE>
Global News Public Affairs
Ford Motor Company
The American Road
Room 904
Dearborn, Michigan 48121
Telephone: (313)322-9600
Fax: (313)845-0570
(313)337-1764
NEWS IMMEDIATE RELEASE
Contact: Media Inquiries: Broadcast Media: Stockholder Inquiries:
Christian Vinyard Roseanne Cerra (313) 845-8540
(313) 322-9600 (313) 322-9600
Ford Earns $1.903 Billion in Second Quarter
DEARBORN, Mich., July 17 -- Improving results from automotive
operations, combined with another record profit from financial services,
contributed to a solid operating performance for Ford Motor Company in the
second quarter.
Ford earned $1.903 billion in the second quarter, including a
one-time net gain of $213 million, compared with $1.572 billion earned in
the second quarter a year ago. Net income from automotive operations was
$1.108 billion, and financial services posted net income of $795 million.
On a fully diluted basis, earnings per share of common and Class B stock
were $1.56 in the second quarter, including the one-time net gain of
18 cents a share announced on July 11. Earnings per share in the second
quarter of 1995 were $1.30.
"We're on track," said Chairman and Chief Executive Officer Alex
Trotman. "We're delivering what we said we would. With the concurrent high-
volume launches in Europe and North America mostly behind us, and savings
coming from improved efficiencies and cost reductions, a strong second half
should lie ahead, assuming industry volumes remain in line with
expectations," Trotman said.
<PAGE>
-2-
Trotman also noted the success of new products. "Customer demand
for the new F-Series is red hot. In a few weeks, two more plants will be
coming on stream. Taurus and Sable production has been running at
maximum overtime on two shifts at both plants, and Fiesta's reception has
been tremendous," he said.
Early reaction to the new Escort and Tracer, with dealer orders of about
three months worth of production, also has been enthusiastic. Job One
occurs next week for the new Expedition and F-250.
"With these new vehicles, along with those recently introduced,"
Trotman said, "we're well positioned for the rest of the year and will have
the strongest product line-up in our history."
For 1996, Ford continues to see U.S. industry sales at about 15.5 million
vehicles.
LOOKING AHEAD
The focus at Ford remains on building value for both customers and
shareholders by improving automotive margins and profitability while
launching top-quality, high-value products around the world.
"We still have a lot to do," Trotman said. "Automotive profitability is
improving but is not where we want it to be. Substantial progress has been
achieved this year, and we fully expect more efficiencies will be realized
throughout our business in the coming quarters," he said.
AUTOMOTIVE OPERATIONS EARN $1.108 BILLION
Net income from worldwide automotive operations was $1.108 billion in
the second quarter, up $8 million from the second quarter of 1995.
U.S. automotive operations earned $697 million, up $34 million from a
year ago, despite a small decline in unit sales. While launch costs continued,
overall profitability rose due to an ongoing focus on higher margin business
and improved cost efficiencies.
In total, automotive operations outside the U.S. earned $411 million,
down $26 million from a year ago. Lower results in Europe and Brazil were
offset partially by improvements in most other markets.
<PAGE>
-3-
In the U.S., Ford set its 41st monthly truck sales record in the past 42
months. During the first six months of 1996, U.S. truck volume reflected 55
percent of Ford's product mix. Cumulative sales for the Ford F-Series were
up 18 percent during the first six months over 1995. The Ford Explorer
continues to dominate its segment and set a record for the first half. Ford
Taurus remains the best-selling car in America, and in the first half, the
Ford Contour and Mercury Mystique set a sales record.
BALANCE SHEET STRENGTHENS; FINANCIAL SERVICES POSTS RECORD
Ford took a number of actions in the second quarter to improve
shareholder value and strengthen the balance sheet. Among them were the
initial public offering of part of The Associates, a write-down of loans and
preferred shares related to Budget Rent a Car Corporation, and the sale of
USL Capital's business units.
On July 11, Ford announced that second-quarter results would reflect a
one-time after-tax net gain of $213 million, including a gain of $650 million
from the initial public offering of 19.3 percent of The Associates common
stock and a charge of $437 million for the write-down of Ford's investment
in preferred stock and debt of Budget Rent a Car. Ford intends to acquire
the common stock of Budget, giving it control of the company.
Agreements also were reached to sell USL Capital's Rail Services and
Fleet Services businesses as well as a major portion of the Municipal and
Corporate Financing assets. Discussions continue on USL Capital's other
businesses. These transactions and the sale of the other businesses are
expected to close in the second half.
In the second quarter, the Financial Services Group earned a record
$795 million, compared with a $472 million profit in the second quarter of
1995. Without the one-time net gain, the group's operating profits were a
record $582 million.
Ford Credit earned $332 million, compared with $341 million in last
year's second quarter. USL Capital had record profits of $41 million,
compared with $30 million in the second quarter last year. On July 16, The
Associates reported record earnings of $200 million in the second quarter;
as the majority shareholder, Ford's share was $177 million. In 1995's
second quarter, The Associates earned $162 million.
# # #
<PAGE>
-4-
SUMMARY OF SECOND-QUARTER 1996 COMPARED WITH 1995
Overview
- --------
- - Total earnings were $1.903 billion, compared with $1.572 billion in the
second quarter of 1995. Without the one-time gain of $213 million, or 18
cents a share, total earnings were $1.69 billion.
- - Fully diluted earnings were $1.56 per share, compared with $1.30 per
share.
- - Worldwide sales and revenues were $37.9 billion, compared with $36.4
billion.
- - Stockholders' equity was $25.8 billion, compared with $25.2 billion.
Automotive
- ----------
- - Net income from worldwide automotive operations was $1.108 billion,
compared with $1.100 billion. Return on automotive sales was 3.7 percent.
- - Net income from U.S. automotive operations was $697 million, compared
with $663 million.
- - Net income from automotive operations outside the U.S. was $411
million, compared with $437 million. In Europe, Ford earned $196
million, down $123 million from last year.
- - Worldwide vehicle unit sales were 1,810,000, compared with 1,811,000
units.
- - Combined car and truck share in the U.S. was 24.8 percent, compared
with 26.2 percent.
- - Combined car and truck share in Europe was 12.0 percent, compared
with 12.2 percent.
Financial Services Group
- ------------------------
- - Financial Services Group earned a record $795 million, including a one-
time net gain of $213 million related to the initial public offering of
19.3 percent of The Associates and a write-down of debt and preferred
shares relating to Budget Rent a Car Corporation. Second-quarter results
for 1995 were $472 million. Without the one-time gain, earnings were a
record $582 million.
- - Ford Credit earned $332 million, compared with $341 million.
- - The Associates earned a record $200 million, compared with $162
million.
- - USL Capital earned a record $41 million, compared with $30 million.
Automotive Balance Sheet
- ------------------------
- - Net cash was $8.4 billion, compared with $7.1 billion.
- - Cash and marketable securities were $15.2 billion, compared with $14
billion.
- - Debt was $6.8 billion, compared with $6.9 billion.
- - Capital spending was $1.8 billion, about equal to a year ago.
<PAGE>
Ford Motor Company and Subsidiaries
HIGHLIGHTS
----------
<TABLE>
<CAPTION>
Second Quarter First Half
----------------------- -----------------------
1996 1995 1996 1995
-------- -------- -------- --------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Worldwide vehicle unit sales of
cars and trucks (in thousands)
- - United States 1,067 1,082 2,007 2,169
- - Outside United States 743 729 1,441 1,412
----- ----- ----- -----
Total 1,810 1,811 3,448 3,581
===== ===== ===== =====
Sales and revenues (in millions)
- - Automotive $30,726 $29,861 $60,059 $58,462
- - Financial Services 7,211 6,528 14,139 12,710
------- ------- ------- -------
Total $37,937 $36,389 $74,198 $71,172
======= ======= ======= =======
Net income (in millions)
- - Automotive $ 1,108 $ 1,100 $ 1,250 $ 2,241
- - Financial Services 795 472 1,306 881
------- ------- ------- -------
Total $ 1,903 $ 1,572 $ 2,556 $ 3,122
======= ======= ======= =======
Capital expenditures (in millions)
- - Automotive $ 1,779 $ 1,819 $ 3,568 $ 3,950
- - Financial Services 87 80 200 147
------- ------- ------- -------
Total $ 1,866 $ 1,899 $ 3,768 $ 4,097
======= ======= ======= =======
Stockholders' equity at June 30
- - Total (in millions) $25,840 $25,240 $25,840 $25,240
- - After-tax return on Common and
Class B stockholders' equity 30.9% 28.3% 21.0% 29.5%
Automotive cash and marketable
securities at June 30 (in millions) $15,240 $14,011 $15,240 $14,011
Automotive debt at June 30
(in millions) $ 6,828 $ 6,866 $ 6,828 $ 6,866
Automotive after-tax return on sales 3.7% 3.7% 2.1% 3.9%
Shares of Common and Class B Stock
(in millions)
- - Average number outstanding 1,178 1,040 1,173 1,033
- - Number outstanding at June 30 1,182 1,074 1,182 1,074
AMOUNTS PER SHARE OF COMMON AND
CLASS B STOCK AFTER PREFERRED
STOCK DIVIDENDS
Income $ 1.60 $ 1.45 $ 2.15 $ 2.89
Income assuming full dilution
- - Automotive $ 0.91 $ 0.90 $ 1.02 $ 1.85
- - Financial Services 0.65 0.40 1.08 0.74
------- ------- ------- -------
Total $ 1.56 $ 1.30 $ 2.10 $ 2.59
======= ======= ======= =======
Cash dividends $ 0.35 $ 0.31 $ 0.70 $ 0.57
</TABLE>
FS-1
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company and Subsidiaries
VEHICLE UNIT SALES
------------------
For the Periods Ended June 30, 1996 and 1995
(in thousands)
Second Quarter First Half
----------------------------- ----------------------------
1996 1995 1996 1995
---------- ---------- ---------- --------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
North America
United States
Cars 463 447 841 956
Trucks 604 635 1,166 1,213
----- ----- ----- -----
Total United States 1,067 1,082 2,007 2,169
Canada 72 67 122 132
Mexico 14 7 26 18
----- ----- ----- -----
Total North America 1,153 1,156 2,155 2,319
Europe
Britain 158 162 276 266
Germany 128 114 246 232
France 54 40 105 84
Italy 43 56 99 108
Spain 39 48 87 96
Other countries 85 77 169 154
----- ----- ----- -----
Total Europe 507 497 982 940
Other international
Brazil 46 46 93 108
Australia 35 35 67 66
Taiwan 21 35 52 63
Japan 12 14 28 30
Argentina 15 11 31 21
Other countries 21 17 40 34
----- ----- ----- -----
Total other international 150 158 311 322
----- ----- ----- -----
Total worldwide vehicle unit sales 1,810 1,811 3,448 3,581
===== ===== ===== =====
</TABLE>
Vehicle unit sales are reported worldwide on a "where sold" basis and
include sales of all Ford-badged units, as well as units manufactured
by Ford and sold to other manufacturers.
FS-2
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
--------------------------------
For the Periods Ended June 30, 1996 and 1995
(in millions)
Second Quarter First Half
------------------------- --------------------------
1996 1995 1996 1995
-------- ------- -------- --------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
AUTOMOTIVE
Sales $30,726 $29,861 $60,059 $58,462
Costs and expenses (Note 2)
Costs of sales 27,469 26,452 55,015 51,883
Selling, administrative and other expenses 1,633 1,635 3,105 3,023
------- ------- ------- -------
Total costs and expenses 29,102 28,087 58,120 54,906
Operating income 1,624 1,774 1,939 3,556
Interest income 217 216 401 423
Interest expense 210 174 382 340
------- ------- ------- -------
Net interest income 7 42 19 83
Equity in net income of affiliated companies 77 19 25 39
Net expense from transactions with
Financial Services (17) (36) (37) (59)
------- ------- ------- -------
Income before income taxes - Automotive 1,691 1,799 1,946 3,619
FINANCIAL SERVICES
Revenues 7,211 6,528 14,139 12,710
Costs and expenses
Interest expense 2,439 2,344 4,860 4,511
Depreciation 1,675 1,600 3,366 3,121
Operating and other expenses 1,507 1,292 2,935 2,628
Provision for credit and insurance losses 610 443 1,186 865
Write-down of investment in
Budget Rent a Car Corporation (Note 3) 700 - 700 -
------- ------- ------- -------
Total costs and expenses 6,931 5,679 13,047 11,125
Net revenue from transactions with Automotive 17 36 37 59
Gain on sale of The Associates'
common stock (Note 4) 650 - 650 -
------- ------- ------- -------
Income before income taxes - Financial Services 947 885 1,779 1,644
------- ------- ------- -------
TOTAL COMPANY
Income before income taxes 2,638 2,684 3,725 5,263
Provision for income taxes 694 1,053 1,107 2,041
------- ------- ------- -------
Income before minority interests 1,944 1,631 2,618 3,222
Minority interests in net income of subsidiaries 41 59 62 100
------- ------- ------- -------
Net income $ 1,903 $ 1,572 $ 2,556 $ 3,122
======= ======= ======= =======
Income attributable to Common and Class B Stock
after preferred stock dividends $ 1,887 $ 1,503 $ 2,521 $ 2,981
Average number of shares of Common and Class B
Stock outstanding 1,178 1,040 1,173 1,033
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK
Income $ 1.60 $ 1.45 $ 2.15 $ 2.89
Income assuming full dilution $ 1.56 $ 1.30 $ 2.10 $ 2.59
Cash dividends $ 0.35 $ 0.31 $ 0.70 $ 0.57
</TABLE>
The accompanying notes are part of the financial statements.
FS-3
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
--------------------------
(in millions)
June 30, December 31,
1996 1995
------------ ------------
<S> <C> <C>
ASSETS (unaudited)
Automotive
Cash and cash equivalents $ 6,499 $ 5,750
Marketable securities 8,741 6,656
-------- --------
Total cash and marketable securities 15,240 12,406
Receivables 3,104 3,321
Inventories (Note 5) 6,908 7,162
Deferred income taxes 3,091 2,709
Other current assets 3,164 1,483
Net current receivable from Financial Services 455 200
-------- --------
Total current assets 31,962 27,281
Equity in net assets of affiliated companies 2,542 2,248
Net property 31,768 31,273
Deferred income taxes 4,590 4,802
Other assets 7,004 7,168
-------- --------
Total Automotive assets 77,866 72,772
Financial Services
Cash and cash equivalents 2,654 2,690
Investments in securities 3,602 4,553
Net receivables and lease investments 162,490 149,694
Other assets 13,954 13,574
-------- --------
Total Financial Services assets 182,700 170,511
-------- --------
Total assets $260,566 $243,283
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive
Trade payables $ 12,241 $ 11,260
Other payables 1,867 1,976
Accrued liabilities 16,687 13,392
Income taxes payable 608 316
Debt payable within one year 1,913 1,832
-------- --------
Total current liabilities 33,316 28,776
Long-term debt 4,915 5,475
Other liabilities 26,676 25,677
Deferred income taxes 1,078 1,186
-------- --------
Total Automotive liabilities 65,985 61,114
Financial Services
Payables 3,716 5,476
Debt 151,866 141,317
Deferred income taxes 4,283 3,831
Other liabilities and deferred income 7,740 6,116
Net payable to Automotive 455 200
-------- --------
Total Financial Services liabilities 168,060 156,940
Company-obligated mandatorily redeemable preferred securities of
a subsidiary trust holding solely junior subordinated debentures
of the Company (Note 6) 681 682
Stockholders' equity
Capital stock
Preferred Stock, par value $1.00 per share (aggregate
liquidation preference of $770 million and $1,042 million) * *
Common Stock, par value $1.00 per share (1,112 and 1,089 million shares issued) 1,112 1,089
Class B Stock, par value $1.00 per share (71 million shares issued) 71 71
Capital in excess of par value of stock 5,198 5,105
Foreign currency translation adjustments and other 72 594
Earnings retained for use in business 19,387 17,688
-------- --------
Total stockholders' equity 25,840 24,547
-------- --------
Total liabilities and stockholders' equity $260,566 $243,283
======== ========
</TABLE>
- - - - - -
*Less than $1 million
The accompanying notes are part of the financial statements.
FS-4
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
----------------------------------------------
For the Periods Ended June 30, 1996 and 1995
(in million)
First Half 1996 First Half 1995
---------------------- -----------------------
Financial Financial
Automotive Services Automotive Services
---------- --------- ---------- ---------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Cash and cash equivalents at January 1 $ 5,750 $ 2,690 $ 4,481 $ 1,739
Cash flows from operating activities before securities trading 8,497 6,236 6,058 6,373
Net (purchases)/sales of trading securities (2,085) (242) 1,980 285
------- -------- ------- --------
Net cash flows from operating activities 6,412 5,994 8,038 6,658
Cash flows from investing activities
Capital expenditures (3,568) (200) (3,950) (147)
Acquisitions of receivables and lease investments - (57,024) - (51,051)
Collections of receivables and lease investments - 39,628 - 35,105
Net acquisitions of daily rental vehicles - (1,946) - (1,824)
Purchases of securities (6) (4,757) (41) (3,533)
Sales and maturities of securities 7 4,327 33 2,713
Proceeds from sales of receivables and lease investments - 2,764 - 634
Net investing activity with Financial Services 9 - (839) -
Other (557) 96 179 (109)
------- -------- ------- --------
Net cash used in investing activities (4,115) (17,112) (4,618) (18,212)
Cash flows from financing activities
Cash dividends (857) - (729) -
Issuance of Common Stock 116 - 218 -
Issuance of Common Stock of a subsidiary (Note 4) - 1,897 - -
Changes in short-term debt 176 4,890 696 4,207
Proceeds from issuance of other debt 0 11,239 0 12,301
Principal payments on other debt (651) (7,051) (207) (5,531)
Net financing activity with Automotive - (9) - 839
Other (13) 29 6 365
------- -------- ------- --------
Net cash (used in)/provided by financing activities (1,229) 10,995 (16) 12,181
Effect of exchange rate changes on cash (64) (168) 166 209
Net transactions with Automotive/Financial Services (255) 255 330 (330)
------- -------- ------- --------
Net increase/(decrease) in cash and cash equivalents 749 (36) 3,900 506
------- -------- ------- --------
Cash and cash equivalents at June 30 $ 6,499 $ 2,654 $ 8,381 $ 2,245
======= ======== ======= ========
</TABLE>
The accompanying notes are part of the financial statements.
FS-5
<PAGE>
<PAGE>
Ford Motor Company and Subsidiaries
NOTES TO FINANCIAL STATEMENTS
-----------------------------
(unaudited)
1. Financial Statements - The financial data presented herein are unaudited,
but in the opinion of management reflect those adjustments necessary for
a fair presentation of such information. Results for interim periods
should not be considered indicative of results for a full year.
Reference should be made to the financial statements contained in
the registrant's Annual Report on Form 10-K (the "10-K Report") for the
year ended December 31, 1995. For purposes hereof, "Ford" or the
"Company" means Ford Motor Company and its majority owned subsidiaries
unless the context requires otherwise. Certain amounts for prior
periods have been reclassified.
2. Selected Automotive costs and expenses are summarized as follows
(in millions):
Second Quarter First Half
----------------------- -----------------------
1996 1995 1996 1995
------ ------ ------ ------
Depreciation $643 $605 $1,279 $1,194
Amortization 686 629 1,450 1,341
3. Write-down of Investment in Budget Rent a Car Corporation - The Company
recorded a pre-tax charge in the second quarter of 1996 totaling $700
million ($437 million after taxes) to recognize the estimated value of
its outstanding notes receivable from, and preferred stock investment in,
Budget Rent a Car Corporation ("BRAC"). The write-down resulted from
conclusions reached in a recent study of Ford's rental car business
strategy. In accordance with SFAS 114, the notes receivable write-down
reflected primarily the unsecured portion of vehicle financing provided
to BRAC by Ford. The preferred stock write-down reflected recognition
of the fair value of Ford's investment. Subject to governmental review,
the Company also intends to acquire all of the outstanding common stock
of BRAC at a future date.
4. Sale of The Associates' Common Stock - During May 1996, The Associates
completed an initial public offering (the "IPO") of its common stock
representing a 19.3% economic interest in The Associates. The Company
recorded in the second quarter of 1996 a non-operating gain of $650
million resulting from the IPO, to recognize the excess of the net
proceeds from the IPO over the proportionate share of the Company's
investment in The Associates. The gain was not subject to income taxes.
5. Automotive inventories are summarized as follows (in millions):
June 30, December 31,
1996 1995
--------- ------------
Raw materials, work in process and supplies $3,355 $3,717
Finished products 3,553 3,445
------ ------
Total inventories $6,908 $7,162
====== ======
U.S. inventories $2,338 $2,662
6. Company-Obligated Mandatorily Redeemable Preferred Securities of a
Subsidiary Trust - The sole asset of Ford Motor Company Capital Trust
I (the "Trust") that is the obligor on the Preferred Securities of
such Trust is $632 million principal amount of 9% Junior Subordinated
Debentures due 2025 of Ford Motor Company.
FS-6
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Automotive Segment - This schedule contains summary financial information
extracted from Ford's Current Report on Form 8-K dated July 17, 1996 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000037996
<NAME> FORD MOTOR COMPANY
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 6,499
<SECURITIES> 8,741
<RECEIVABLES> 3,175
<ALLOWANCES> 71
<INVENTORY> 6,908
<CURRENT-ASSETS> 31,962
<PP&E> 71,481
<DEPRECIATION> 39,713
<TOTAL-ASSETS> 77,866
<CURRENT-LIABILITIES> 33,316
<BONDS> 4,915
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 60,059
<TOTAL-REVENUES> 60,059
<CGS> 55,015
<TOTAL-COSTS> 58,120
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 382
<INCOME-PRETAX> 1,946
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Financial Services Segment - This schedule contains summary financial
information extracted from Ford's Current Report on Form 8-K dated July 17,
1996 and is qualified in its entirety by reference to such financial
statements. The error message indicated on this FDS is a result on the EDGAR
system's inability to accept multiple Article 5 Financial Data Schedules.
Accordingly, the error message should be ignored.
</LEGEND>
<CIK> 0000037996
<NAME> FORD MOTOR COMPANY
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 2,654
<SECURITIES> 3,602
<RECEIVABLES> 162,490
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 182,700
<CURRENT-LIABILITIES> 0
<BONDS> 151,866
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 14,139
<TOTAL-REVENUES> 14,139
<CGS> 0
<TOTAL-COSTS> 13,047
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 1,186
<INTEREST-EXPENSE> 4,860
<INCOME-PRETAX> 1,779
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> CT
<LEGEND>
Conglomerate Totals - This schedule contains summary financial information
extracted from Ford's Current Report on Form 8-K dated July 17, 1996 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000037996
<NAME> FORD MOTOR COMPANY
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<TOTAL-ASSETS> 260,566
<COMMON> 1,183
0
0
<OTHER-SE> 24,657
<TOTAL-LIABILITY-AND-EQUITY> 260,566
<TOTAL-REVENUES> 74,198
<INCOME-TAX> 1,107
<INCOME-CONTINUING> 2,556
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,556
<EPS-PRIMARY> 2.15
<EPS-DILUTED> 2.10
</TABLE>
