<PAGE> 1
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 16, 1997
-------------
(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> 2
-2-
Item 5. Other Events.
- ---------------------
News release dated July 16, 1997, 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 16, 1997 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, 1997 By: /s/Peter Sherry, Jr.
--------------------
Peter Sherry, Jr.
Assistant Secretary
<PAGE> 3
-3-
EXHIBIT INDEX
-------------
DESIGNATION DESCRIPTION PAGE
- ----------- ----------- ----
Exhibit 20 News release dated July 16, 1997
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> 1
[FORD LOGO] NEWS
<TABLE>
<S> <C> <C> <C>
Contact: Media Inquiries Institutional Investors Stockholder Inquiries
Christian Vinyard Mike Holland (800) 555-5259 or
(313) 322-3428 (313) 323-8221 (313) 845-8540
</TABLE>
FOR RELEASE AT 7 A.M. (EASTERN DAYLIGHT)
FORD EARNS RECORD $2.5 BILLION IN SECOND QUARTER;
FORD 2000 DRIVES FURTHER AUTOMOTIVE IMPROVEMENT
DEARBORN, Mich., July 16, 1997 - Ford Motor Company's continuing drive to
transform its worldwide automotive business has led to improved overall results
and an all-time earnings record in the second quarter.
Earnings for the second quarter of 1997 were $2.53 billion, or $2.06 per fully
diluted share of common and Class B stock, up 33 percent from the $1.903
billion, or $1.56 a share, earned in the second quarter of 1996.
"Today's results come from several years of very tough work. Thanks to great
teamwork, our strategy is continuing to pay off," said Chairman and Chief
Executive Officer Alex Trotman. "The entire Ford team - which includes our
dealers and our suppliers - should be proud of what we're accomplishing. We're
all encouraged, but we're not letting up one bit."
Second-quarter results include a net one-time gain of $100 million, or eight
cents a share. The net gain reflects a gain from the initial public offering
of The Hertz Corporation that is offset partially by charges associated with
realignments of manufacturing capacity and the sale of Ford's heavy truck
business.
<PAGE> 2
- 2 -
AUTOMOTIVE OPERATIONS EARN A RECORD $1.7 BILLION
Net income from worldwide automotive operations was a record $1.735 billion in
the second quarter, up from $1.108 billion in the second quarter of 1996, and
the fifth consecutive quarter of improved earnings, compared with the year-ago
period. "An essential element of our balanced strategy is to reduce total
automotive operating costs, while, at the same time, introducing new
high-quality products," Trotman said.
By the end of 1997, Ford will have introduced eight all-new or substantially
redesigned cars and trucks, including ZX2, Contour SVT, Ranger and F-250/350
pick-ups, and the Lincoln Navigator, Town Car and Continental in North America
and Puma in Europe.
Automotive earnings include one-time charges of $169 million for manufacturing
realignments and the sale of Ford's heavy truck business to Freightliner.
"We're pleased to see automotive earnings continuing to improve," Trotman said.
"Teamwork, popular products, and putting customers first are responsible for
the progress we're making. Profits provide only one among many indicators that
tell us how well we're doing. But the continuing gains in quality, product
value and safety are what customers appreciate most."
J. D. Power and Associates' 1997 Initial Quality Survey showed that Ford's U.S.
quality rose 28 percent, the most for any manufacturer. J. D. Power also
ranked the Atlanta Assembly Plant, which builds Taurus and Sable, as equal to
the best in the world for initial quality. In frontal crash tests conducted by
the National Highway Traffic Safety Administration, Ford earned more top safety
ratings than all other manufacturers combined.
<PAGE> 3
- 3 -
In addition, the 1997 Harbour Report found that Ford leads in U.S. productivity
in eight of 12 assembly plant segments and has two of the top ten car assembly
plants and five of the top ten truck assembly plants.
U.S. automotive operations earned a record $1.192 billion, up from $697 million
a year ago, reflecting lower total costs adjusted for volume, improving
quality, sales momentum of new products and a steady economy.
Outside the U.S., automotive operations earned $543 million, compared with
$411 million from a year ago.
In Europe, Ford earned $157 million, down $39 million from a year ago. "We've
worked hard to broaden our strong product line-up and reduce costs, but the
market in Europe remains tough for everyone," Trotman said. "Assuming economic
stability continues, we're on track to improve our results in Europe for the
full year, but we know more actions will be needed to achieve our long-term
objectives."
In South America, Ford earned $25 million, compared with a loss of $69 million
a year ago. "A strong automotive industry in Brazil and Argentina, growing
customer demand for Ford products and cost efficiencies all are contributing to
the improvement," Trotman said. "As we rebuild our business in the region, our
focus on the fundamentals is resulting in faster progress than we first
thought."
In other markets, Ford earned $361 million, including strong results from
Australia, Canada and Mexico.
<PAGE> 4
- 4 -
FINANCIAL SERVICES ADD $795 MILLION
Ford's financial services businesses earned $795 million, equal to last year.
Both periods included non-recurring items; excluding these, results were down
$37 million.
"Overall, our financial services businesses continue to provide strong and
consistent profits to our bottom line, including record earnings from both The
Associates and Hertz," Trotman noted.
This year, results include a one-time gain of $269 million related to the
initial public offering (IPO) of 19.1 percent of Hertz. In 1996, results
included a net one-time gain of $232 million, reflecting gains from the IPO of
The Associates and the sale of some assets of USL Capital that were offset
partially by a write-down of debt and preferred shares of Budget Rent a Car.
Last year's results also included record earnings of $41 million from USL
Capital; essentially, the remainder of USL Capital's assets were sold later in
1996.
Ford Credit earned $279 million, down from $376 million a year ago. The
decline stems from increased credit losses and higher depreciation expenses on
leased vehicles, reflecting industry trends.
The Associates set a quarterly record of $245 million, compared with $200
million last year. Ford's share of The Associates second-quarter 1997 earnings
was $197 million.
Hertz reported record second-quarter earnings of $54 million, compared with
$40 million in the second quarter of 1996. Ford's share of Hertz'
second-quarter earnings was $45 million.
# # #
<PAGE> 5
- 5 -
SUMMARY OF SECOND QUARTER 1997 COMPARED WITH 1996
OVERVIEW
- - Total earnings were $2.5 billion, compared with $1.9 billion in the second
quarter of 1996. The results include a net one-time gain of $100 million
consisting of a gain from the initial public offering of The Hertz
Corporation that was offset partially by charges for realignments of
manufacturing capacity and the sale of Ford's heavy truck business.
- - Fully diluted earnings per share were $2.06, compared with $1.56.
- - Worldwide sales and revenues were $40.3 billion, compared with $39 billion.
- - Stockholders' equity was $29.1 billion, compared with $25.8 billion.
AUTOMOTIVE
- - Net income from worldwide automotive operations was $1.7 billion, compared
with $1.1 billion.
- - Net income from U.S. automotive operations was $1.2 billion, compared with
$697 million.
- - Net income from automotive operations outside the U.S. was $543 million,
compared with $411 million.
- - Worldwide return on sales was 5.3 percent. In the U.S., return on sales
was 5.5 percent.
- - Worldwide vehicle unit sales were 1,879,000, compared with 1,810,000.
- - Combined car and truck share in the U.S. was 25.6 percent, compared with
24.8 percent.
- - Combined car and truck share in Europe was 11.6 percent, compared with 12
percent.
FINANCIAL SERVICES
- - Financial services earned $795 million, equal to last year.
- - Ford Credit earned $279 million, compared with $376 million.
- - The Associates earned a record $245 million, compared with $200 million.
- - Hertz earned a record $54 million, compared with $40 million.
AUTOMOTIVE BALANCE SHEET
- - Net cash was $9.9 billion, compared with $8.4 billion.
- - Cash and marketable securities were $18.2 billion, compared with $15.2
billion.
- - Debt was $8.3 billion, compared with $6.8 billion.
- - Capital spending was $1.9 billion, compared with $1.8 billion.
<PAGE> 6
Ford Motor Company and Subsidiaries
HIGHLIGHTS
<TABLE>
<CAPTION>
Second Quarter First Half
--------------------- -------------------
1997 1996 1997 1996
--------- --------- -------- --------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Worldwide vehicle unit sales of
cars and trucks (in thousands)
- - United States 1,110 1,067 2,089 2,007
- - Outside United States 769 743 1,471 1,441
------- ------- ------- -------
Total 1,879 1,810 3,560 3,448
======= ======= ======= =======
Sales and revenues (in millions)
- - Automotive $32,805 $31,762 $61,730 $60,059
- - Financial Services 7,460 7,211 14,737 14,139
------- ------- ------- -------
Total $40,265 $38,973 $76,467 $74,198
======= ======= ======= =======
Net income (in millions)
- - Automotive $ 1,735 $ 1,108 $ 2,739 $ 1,250
- - Financial Services 795 795 1,260 1,306
------- ------- ------- -------
Total $ 2,530 $ 1,903 $ 3,999 $ 2,556
======= ======= ======= =======
Capital expenditures (in millions)
- - Automotive $ 1,872 $ 1,779 $ 3,485 $ 3,568
- - Financial Services 140 87 266 200
------- ------- ------- -------
Total $ 2,012 $ 1,866 $ 3,751 $ 3,768
======= ======= ======= =======
Automotive capital expenditures as a
percentage of sales 5.7% 5.6% 5.6% 5.9%
Stockholders' equity at June 30
- - Total (in millions) $29,113 $25,840 $29,113 $25,840
- - After-tax return on Common and
Class B stockholders' equity 36.5% 30.9% 29.5% 21.0%
Automotive cash and marketable
securities at June 30 (in millions) $18,184 $15,240 $18,184 $15,240
Automotive debt at June 30
(in millions) $ 8,319 $ 6,828 $ 8,319 $ 6,828
After-tax return on sales
- - U.S. Automotive 5.5% 3.5% 5.1% 2.0%
- - Total Automotive 5.3 3.5 4.5 2.1
Shares of Common and Class B Stock
(in millions)
- - Average number outstanding 1,193 1,178 1,191 1,173
- - Number outstanding at June 30 1,194 1,182 1,194 1,182
AMOUNTS PER SHARE OF COMMON AND
CLASS B STOCK AFTER PREFERRED
STOCK DIVIDENDS
Income assuming full dilution
- - Automotive $ 1.41 $ 0.91 $ 2.22 $ 1.02
- - Financial Services 0.65 0.65 1.03 1.08
------- ------- ------- -------
Total $ 2.06 $ 1.56 $ 3.25 $ 2.10
======= ======= ======= =======
Cash dividends $ 0.42 $ 0.35 $ 0.805 $ 0.70
</TABLE>
FS-1
<PAGE> 7
Ford Motor Company and Subsidiaries
VEHICLE UNIT SALES
For the Periods Ended June 30, 1997 and 1996
(in thousands)
<TABLE>
<CAPTION>
Second Quarter First Half
---------------------- ---------------------
1997 1996 1997 1996
---- ---- ---- ----
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
NORTH AMERICA
United States
Cars 439 463 806 841
Trucks 671 604 1,283 1,166
-------- --------- --------- ---------
Total United States 1,110 1,067 2,089 2,007
Canada 86 72 155 122
Mexico 19 14 37 26
-------- --------- --------- ---------
Total North America 1,215 1,153 2,281 2,155
EUROPE
Britain 138 158 236 276
Germany 108 128 223 246
Italy 71 43 135 99
France 40 54 76 105
Spain 38 39 84 87
Other countries 85 85 182 169
-------- --------- --------- ---------
Total Europe 480 507 936 982
OTHER INTERNATIONAL
Brazil 77 46 130 93
Australia 36 35 66 67
Argentina 20 15 37 31
Taiwan 17 21 42 52
Japan 11 12 21 28
Other countries 23 21 47 40
-------- --------- --------- ---------
Total other international 184 150 343 311
-------- --------- --------- ---------
TOTAL WORLDWIDE VEHICLE UNIT SALES 1,879 1,810 3,560 3,448
======== ========= ========= =========
</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> 8
Ford Motor Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
For the Periods Ended June 30, 1997 and 1996
(in millions)
<TABLE>
<CAPTION>
Second Quarter First Half
----------------------- -----------------------------
1997 1996 1997 1996
-------- -------- -------- ---------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
AUTOMOTIVE
SALES $32,805 $ 31,762 $ 61,730 $60,059
COSTS AND EXPENSES (Note 2)
Costs of sales 28,659 28,505 54,342 55,015
Selling, administrative and other expenses 1,702 1,633 3,240 3,105
------- -------- -------- -------
Total costs and expenses 30,361 30,138 57,582 58,120
OPERATING INCOME 2,444 1,624 4,148 1,939
Interest income 300 217 549 401
Interest expense 206 210 400 382
------- -------- -------- -------
Net interest income 94 7 149 19
Equity in net income/(loss) of affiliated companies 79 77 (65) 25
Net expense from transactions with
Financial Services (34) (17) (53) (37)
------- -------- -------- -------
INCOME BEFORE INCOME TAXES - AUTOMOTIVE 2,583 1,691 4,179 1,946
FINANCIAL SERVICES
REVENUES 7,460 7,211 14,737 14,139
COSTS AND EXPENSES
Interest expense 2,422 2,439 4,778 4,860
Depreciation 1,774 1,675 3,539 3,366
Operating and other expenses 1,574 1,507 3,074 2,935
Provision for credit and insurance losses 794 610 1,639 1,186
Write-down of investment in
Budget Rent a Car Corporation - 700 - 700
------- -------- -------- -------
Total costs and expenses 6,564 6,931 13,030 13,047
Net revenue from transactions with Automotive 34 17 53 37
Gain on sale of Common Stock
of a subsidiary (Note 3) 269 650 269 650
------- -------- -------- -------
INCOME BEFORE INCOME TAXES - FINANCIAL SERVICES 1,199 947 2,029 1,779
------- -------- -------- -------
TOTAL COMPANY
INCOME BEFORE INCOME TAXES 3,782 2,638 6,208 3,725
Provision for income taxes 1,182 694 2,080 1,107
------- -------- -------- -------
INCOME BEFORE MINORITY INTERESTS 2,600 1,944 4,128 2,618
Minority interests in net income of subsidiaries 70 41 129 62
------- -------- -------- -------
NET INCOME $ 2,530 $ 1,903 $ 3,999 $ 2,556
======= ======== ======= =======
Income attributable to Common and Class B Stock
after preferred stock dividends $ 2,516 $ 1,887 $ 3,971 $ 2,521
Average number of shares of Common and Class B
Stock outstanding 1,193 1,178 1,191 1,173
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK
INCOME $ 2.11 $ 1.60 $ 3.33 $ 2.15
INCOME ASSUMING FULL DILUTION $ 2.06 $ 1.56 $ 3.25 $ 2.10
CASH DIVIDENDS $ 0.42 $ 0.35 $ 0.805 $ 0.70
</TABLE>
The accompanying notes are part of the financial statements.
FS-3
<PAGE> 9
Ford Motor Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
(in millions)
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
----------- ------------
(unaudited)
<S> <C> <C>
ASSETS
AUTOMOTIVE
Cash and cash equivalents $ 3,206 $ 3,578
Marketable securities 14,978 11,836
---------- -----------
Total cash and marketable securities 18,184 15,414
Receivables 3,364 3,133
Inventories (Note 5) 6,136 6,656
Deferred income taxes 3,182 3,296
Other current assets 3,610 3,193
Net current receivable from Financial Services 190 0
---------- -----------
Total current assets 34,666 31,692
Equity in net assets of affiliated companies 2,283 2,483
Net property 33,491 33,527
Deferred income taxes 4,267 4,429
Other assets 8,621 7,527
---------- -----------
Total Automotive assets 83,328 79,658
FINANCIAL SERVICES
Cash and cash equivalents 1,859 3,689
Investments in securities 2,719 2,307
Net receivables and lease investments 168,319 161,906
Other assets 15,191 14,834
Net receivable from Automotive 0 473
---------- -----------
Total Financial Services assets 188,088 183,209
---------- -----------
TOTAL ASSETS $ 271,416 $ 262,867
========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
AUTOMOTIVE
Trade payables $ 11,521 $ 11,735
Other payables 2,435 2,206
Accrued liabilities 17,387 16,587
Income taxes payable 1,213 508
Debt payable within one year 1,624 1,661
Net current payable to Financial Services 0 473
---------- -----------
Total current liabilities 34,180 33,170
Long-term debt 6,695 6,495
Other liabilities 27,960 26,793
Deferred income taxes 1,162 1,225
---------- -----------
Total Automotive liabilities 69,997 67,683
FINANCIAL SERVICES
Payables 4,258 4,695
Debt 155,531 150,205
Deferred income taxes 3,912 4,338
Other liabilities and deferred income 7,736 8,504
Net payable to Automotive 190 0
---------- -----------
Total Financial Services liabilities 171,627 167,742
Company-obligated mandatorily redeemable preferred securities of a subsidiary
trust holding solely junior subordinated debentures of the Company (Note 6) 679 680
STOCKHOLDERS' EQUITY
Capital stock
Preferred Stock, par value $1.00 per share (aggregate
liquidation preference of $655 million and $694 million) * *
Common Stock, par value $1.00 per share (1,125 and 1,118 million shares issued) 1,125 1,118
Class B Stock, par value $1.00 per share (71 million shares issued) 71 71
Capital in excess of par value of stock 5,339 5,268
Foreign currency translation adjustments and other (768) (29)
Earnings retained for use in business 23,346 20,334
---------- -----------
Total stockholders' equity 29,113 26,762
---------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 271,416 $ 262,867
========== ===========
</TABLE>
- ------------
*Less than $1 million
The accompanying notes are part of the financial statements.
FS-4
<PAGE> 10
Ford Motor Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the Periods Ended June 30, 1997 and 1996
(in millions)
<TABLE>
<CAPTION>
First Half 1997 First Half 1996
-------------------------- ---------------------------
Financial Financial
Automotive Services Automotive Services
---------- -------- ---------- --------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
CASH AND CASH EQUIVALENTS AT JANUARY 1 $ 3,578 $ 3,689 $ 5,750 $ 2,690
Cash flows from operating activities before securities trading 7,675 5,559 8,497 6,236
Net (purchases)/sales of trading securities (3,142) (309) (2,085) (242)
--------- -------- --------- --------
Net cash flows from operating activities 4,533 5,250 6,412 5,994
Cash flows from investing activities
Capital expenditures (3,485) (266) (3,568) (200)
Acquisitions of receivables and lease investments - (58,064) - (57,024)
Collections of receivables and lease investments - 43,026 - 39,628
Net acquisitions of daily rental vehicles - (1,329) - (1,946)
Purchases of securities 0 (1,783) (6) (4,757)
Sales and maturities of securities 0 2,167 7 4,327
Proceeds from sales of receivables and lease investments - 1,547 - 2,764
Net investing activity with Financial Services 7 - 9 -
Other 35 (95) (557) 96
--------- -------- --------- --------
Net cash used in investing activities (3,443) (14,797) (4,115) (17,112)
Cash flows from financing activities
Cash dividends (987) - (857) -
Issuance of Common Stock 77 - 116 -
Issuance of Common Stock of a subsidiary (Note 3) - 453 - 1,897
Changes in short-term debt (380) 2,406 176 4,890
Proceeds from issuance of other debt 1,150 12,313 0 11,239
Principal payments on other debt (606) (8,042) (651) (7,051)
Net financing activity with Automotive - (7) - (9)
Other 0 (10) (13) 29
--------- -------- --------- --------
Net cash (used in)/provided by financing activities (746) 7,113 (1,229) 10,995
Effect of exchange rate changes on cash (53) (59) (64) (168)
Net transactions with Automotive/Financial Services (663) 663 (255) 255
--------- -------- --------- --------
Net (decrease)/increase in cash and cash equivalents (372) (1,830) 749 (36)
--------- -------- --------- --------
CASH AND CASH EQUIVALENTS AT JUNE 30 $ 3,206 $ 1,859 $ 6,499 $ 2,654
========= ======== ========= ========
</TABLE>
The accompanying notes are part of the financial statements.
FS-5
<PAGE> 11
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, 1996. 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 to conform with 1997
presentations, including additional elimination of intercompany sales.
2. Selected Automotive costs and expenses are summarized as follows (in
millions):
<TABLE>
<CAPTION>
Second Quarter First Half
---------------- --------------
1997 1996 1997 1996
------- ------- ------ ------
<S> <C> <C> <C> <C>
Depreciation $667 $643 $1,350 $1,279
Amortization 719 686 1,506 1,450
</TABLE>
3. Sale of The Hertz Corporation ("Hertz") Common Stock - During April
1997, Hertz completed an initial public offering ("IPO") of its common
stock representing a 19.1% economic interest in Hertz. The Company
recognized in second quarter earnings a non-operating gain of $269
million resulting from the IPO; the gain was not subject to income
taxes.
4. Restructurings and Dispositions - The Company recorded a pre-tax
charge in second quarter totaling $272 million ($169 million after
taxes) reflecting actions that will be completed during 1997 and 1998.
These include primarily the discontinuation of passenger car
production at the Lorain Assembly Plant resulting in a write-down of
surplus assets. The charge also included employee termination costs
related to the elimination of a shift at the Halewood (England) Plant,
and a loss on the sale of the Heavy Truck business.
5. Automotive inventories are summarized as follows (in millions):
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
-------- ------------
<S> <C> <C>
Raw materials, work in process and supplies $2,986 $3,374
Finished products 3,150 3,282
------- ------
Total inventories $6,136 $6,656
======= ======
U.S. inventories $1,976 $2,280
</TABLE>
6. Company-Obligated Mandatorily Redeemable Preferred Securities of a
Subsidiary Trust - The sole asset of Ford Motor Company Capital Trust
I (the "Trust"), which 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 16, 1997 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-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 3,206
<SECURITIES> 14,978
<RECEIVABLES> 3,364
<ALLOWANCES> 111
<INVENTORY> 6,136
<CURRENT-ASSETS> 34,666
<PP&E> 74,146
<DEPRECIATION> 40,654
<TOTAL-ASSETS> 83,328
<CURRENT-LIABILITIES> 34,180
<BONDS> 6,695
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 32,805
<TOTAL-REVENUES> 32,805
<CGS> 28,659
<TOTAL-COSTS> 30,361
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 206
<INCOME-PRETAX> 2,583
<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 16, 1997
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. THE
ERROR MESSAGE INDICATED ON THIS FDS IS A RESULT OF 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-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 1,859
<SECURITIES> 2,719
<RECEIVABLES> 168,319
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 188,088
<CURRENT-LIABILITIES> 0
<BONDS> 155,531
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 7,460
<TOTAL-REVENUES> 7,460
<CGS> 0
<TOTAL-COSTS> 6,564
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 794
<INTEREST-EXPENSE> 2,422
<INCOME-PRETAX> 1,199
<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 16, 1997 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-31-1997
<PERIOD-END> JUN-30-1997
<TOTAL-ASSETS> 271,416
<COMMON> 1,196
0
0
<OTHER-SE> 27,917
<TOTAL-LIABILITY-AND-EQUITY> 271,416
<TOTAL-REVENUES> 40,265
<INCOME-TAX> 1,182
<INCOME-CONTINUING> 2,530
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,530
<EPS-PRIMARY> 2.11
<EPS-DILUTED> 2.06
</TABLE>