SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
X SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
- --------
For the fiscal year ended December 31, 1997
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
- --------
For the transition period from to
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Commission file number 1-3950
FORD MICROELECTRONICS, INC.
SALARIED RETIREMENT SAVINGS PLAN
(Full title of the plan)
FORD MOTOR COMPANY
The American Road
Dearborn, Michigan 48121
(Name of issuer of the securities held
pursuant to the plan and the address of
its principal executive office)
<PAGE>
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Required Information
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Financial Statements and Schedules
- ----------------------------------
Statement of Net Assets Available for Plan Benefits, as of December 31,
1997 and 1996.
Statement of Changes in Net Assets Available for Plan Benefits for the Year
Ended December 31, 1997.
Schedule I - Schedule of Assets Held for Investment Purposes as of December
31, 1997.
Schedule II - Reportable Transactions for the Year Ended December 31, 1997.
Exhibit
-------
Designation Description Method of Filing
- ----------- ----------- ----------------
Exhibit 23 Consent of Coopers Filed with this Report.
& Lybrand L.L.P.
Signature
---------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Ford Microelectronics, Inc. Salaried Retirement Savings Committee has duly
caused this Annual Report to be signed by the undersigned thereunto duly
authorized.
FORD MICROELECTRONICS, INC.
SALARIED RETIREMENT SAVINGS PLAN
By: /s/John A. Sullivan
----------------------------------
John A. Sullivan, Chairman
Ford Microelectronics, Inc.
Salaried Retirement Savings Plan Committee
June 29, 1998
<PAGE>
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EXHIBIT INDEX
-------------
Sequential
Page Number
Designation Description at Which Found
- ----------- ----------- --------------
Exhibit 23 Consent of Coopers & Lybrand L.L.P.
<PAGE>
Ford Microelectronics, Inc. Salaried Retirement Savings Plan
Index of Financial Statements and Supplemental Schedules
Pages
Report of Independent Accountants 2
Financial Statements:
Statement of Net Assets Available for Benefits as
of December 31, 1997 and 1996 3
Statement of Changes in Net Assets Available for Benefits
with Fund Information for the Year Ended December 31, 1997 4-5
Notes to Financial Statements 6-12
Supplemental Schedules:
Item 27a - Schedule of Assets Held for Investment Purposes
as of December 31, 1997 13
Item 27d - Schedule of Reportable Transactions for the Year
Ended December 31, 1997 14-15
<PAGE>
Report of Independent Accountants
To the Boards of Directors of
Ford Motor Company and
Ford Microelectronics, Inc.:
We have audited the accompanying statements of net assets available for benefits
of the Ford Microelectronics, Inc. Salaried Retirement Savings Plan as of
December 31, 1997 and 1996, and the related statement of changes in net assets
available for benefits with fund information for the year ended December 31,
1997. These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1997 and 1996, and the changes in net assets available for
benefits with fund information for the year ended December 31, 1997 in
conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of Assets Held
for Investment Purposes and Reportable Transactions are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental schedules
have been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, are fairly stated, in all
material respects in relation to the basic financial statements taken as a
whole.
/s/Coopers & Lybrand L.L.P.
Detroit, Michigan
June 23, 1998
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<PAGE>
Ford Microelectronics, Inc. Salaried Retirement Savings Plan
Statement of Net Assets Available for Benefits
as of December 31, 1997 and 1996
(in thousands)
<TABLE>
<CAPTION>
ASSETS 1997 1996
----------- -----------
<S> <C> <C>
Investments, at fair value $ 20,953 $ 14,601
Participant notes receivable 522 481
----------- -----------
Net assets available for benefits $ 21,475 $ 15,082
=========== ===========
The accompanying notes are an integral part of the financial statements.
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
Ford Microelectronics, Inc. Salaried Retirement Savings Plan
Statement of Changes in Net Assets Available for Benefits with Fund Information
for the year ended December 31, 1997 (in thousands)
Participant-Directed
-------------------------------------------------------------------------------------------------
Ford Inter-
Company Ultra Vista Equity national Strategic Strategic Strategic
Stock Investors Investors Income Value Growth Conservative Moderate Aggressive
Fund* Fund Fund Fund Fund Fund Fund Fund Fund
--------- ----------- --------- -------- -------- -------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net assets at fair value,
January 1, 1997 $ 7,508 $ 930 $ 898 $ 691 $ 1,329 $ 369 $ 18 $ 55 $ 109
Additions:
Participant contributions 77 257 163 108 212 103 4 17 43
Company contributions (non-
participant directed) 75 263 161 100 199 84 3 18 44
Participant notes - principal
repayments 2 66 29 22 53 19 5 10
Participant notes - interest
repayments 3 9 4 3 7 1 1 2
Dividend and interest income 343 410 66 181 360 106 2 5 19
Net appreciation in fair
value of investments 3,163 36 67 7 17
Transfers in 2,845 587 457 592 863 262 15 23 198
------- -------- -------- -------- -------- ------- --------- --------- --------
Total additions 6,508 1,592 880 1,042 1,761 575 24 76 333
Deductions:
Distributions 318 8 75 73 84 7
Loans to participants 21 43 24 48 78 6 19
Net depreciation in fair
value of investments 133 129 13
Transfers out 4,904 321 476 577 645 149 15 43 16
-------- -------- -------- -------- -------- ------- --------- --------- ---------
Total deductions 5,243 505 704 698 807 168 15 43 42
-------- -------- -------- -------- -------- ------- --------- --------- ---------
Net Assets at fair value
December 31, 1997 $8,773 $ 2,017 $ 1,074 $ 1,035 $ 2,283 $ 776 $ 27 $ 88 $ 400
======== ======= ======== ======= ======= ====== ======== ========= =========
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
Ford Microelectronics, Inc. Salaried Retirement Savings Plan
Statement of Changes in Net Assets Available for Benefits with Fund Information
for the year ended December 31, 1997 (in thousands)
Participant-Directed
-----------------------------------------------------------------------------
Schwab Income
Premium Personal Prime &
Bond Choice Money GNMA Growth Participant
Fund Fund Market Fund Fund Notes Total
--------- ----------- --------- -------- -------- -------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net assets at fair value,
January 1, 1997 $ 168 $1,210 $ 136 $ 1,180 $ 481 $ 15,082
Additions:
Participant contributions 8 26 18 210 1,246
Company contributions (non-
participant directed) 9 41 18 193 1,208
Participant notes - principal
repayments 16 4 37 (263) -
Participant notes - interest
repayments 2 5 37
Dividend and interest income 13 1 79 13 235 1,833
Net appreciation in fair
value of investments 4 4 261 3,559
Transfers in 249 260 2,743 70 886 10,050
-------- ------- ------ ------ ------- ------ ---------
Total additions 283 261 2,907 127 1,827 (263) 17,933
Deductions:
Distributions 545 89 1,199
Loans to participants 16 14 35 (304) -
Net depreciation in fair
value of investments 16 291
Transfers out 205 40 2,109 60 490 10,050
-------- -------- ------- ------ ------- ------ ---------
Total deductions 205 56 2,670 74 614 (304) 11,540
-------- -------- ------- ------ ------- ------ ---------
Net assets at fair
value, December 31, 1997 $ 246 $ 205 $ 1,447 $ 189 $ 2,393 $ 522 $ 21,475
======== ======== ======= ====== ======= ====== =========
*As of 12/31/96, Ford Company Stock Fund contributions were Company-directed
The accompanying notes are an integral part of the financial statements.
-5-
</TABLE>
<PAGE>
Ford Microelectronics, Inc. Salaried Retirement Savings Plan
Notes to Financial Statements
1. Description of the Plan:
The following description of the Ford Microelectronics, Inc. (the
"Company") Salaried Retirement Savings Plan (the "Plan") provides only
general information. Participants should refer to the Plan agreement for
a more comprehensive description of the Plan's provisions.
a. General: The Plan is a defined-contribution plan established to
encourage and facilitate systematic savings and investment by eligible
salaried employees and to provide them with an opportunity to become
stockholders of Ford Motor Company ("Ford"). It is subject to the
provisions of the Employee Retirement Income Security Act of 1974
("ERISA").
b. Eligibility: With certain exceptions, regular full-time salaried
employees having at least three months of continuous service are
eligible to participate in the contributory portion of the Plan. All
full-time employees are eligible to participate in the discretionary
portion of the Plan. Participation in the Plan is voluntary.
c. Contributions: Under the Plan and subject to limits required to be
imposed by the Internal Revenue Code, participants may defer up to 15
percent in pre-tax contributions and 10 percent in post-tax
contributions. The Company match is at the rate of 100 percent of the
first 3 percent of the participants' base salaries contributed and at
the rate of $.60 for each dollar of the next 7 percent of
participants' base salaries contributed. All Company matching
contributions are invested in Ford Common Stock. The Company may also
contribute an additional amount determined at the discretion of the
Company, in cash. For the years ended December 31, 1997 and 1996, the
Company made discretionary contributions of 3 percent for each regular
active employee with covered compensation. These contributions were
made semi-monthly in 1997 and monthly during 1996.
d. Participant Accounts: Each participant's account is credited with the
participant's contribution and allocations of the Company's
contributions and Plan earnings. Administrative expenses are paid
primarily by the Company. Allocations are based on participant
earnings or account balances, as defined. The benefit to which a
participant is entitled is the benefit that can be provided from the
participant's vested account.
e. Vesting: Participants are immediately vested in their contributions
plus actual earnings thereon. Vesting in the Company's matching and
discretionary contribution portion of their accounts plus actual
earnings thereon is based on years of continuous service. A
participant is 100 percent vested after five years of credited
service. A participant becomes fully vested in company matching
contributions automatically upon attainment of normal retirement age,
retirement due to disability or death. Participants are entitled to
receive the full amount of vested funds when their employment is
terminated.
-6-
<PAGE>
Notes to Financial Statements, Continued
1. Description of the Plan, continued:
f. Investments Options: Upon enrollment in the Plan, a participant may
direct employee contributions in 1 percent increments with a maximum
investment of 10 percent in any of the investment options offered. As
of December 31, 1997, participants have the following investment
options:
- Ford Company Stock Fund - Invests primarily in shares of Ford
Motor Company common stock with a small portion of short-term
liquid investments for liquidity purposes.
- Ultra Fund - Invests in stocks of companies with accelerating
earnings and revenue trends. The objective of the fund is to
seek capital growth over time.
- Vista Fund - Invests in medium-sized and smaller companies, with
an emphasis on smaller firms. The objective of the fund is to
seek capital growth over time.
- Equity Income Fund - Invests primarily in companies with
favorable dividend-paying history, dividend-paying ability and
capital appreciation potential. The objective of the fund is to
seek current income with capital appreciation as a secondary
objective.
- Value Fund - Invests primarily in stocks of well-established
companies that are believed to be undervalued at the time of
purchase. The objective of the fund is to seek capital growth
over time.
- International Growth Fund - Invests in a diversified
international portfolio with the majority of investments in
developing markets. The objective of the fund is to seek capital
growth over time.
- Strategic Conservative Fund - Invests primarily in bonds and
money market securities with potential for moderate long-term
total return. The objective of the fund is to seek high levels
of current income.
- Strategic Moderate Fund - Invests in equity securities, but
maintains a sizable stake in bonds and money market securities.
The objective of the fund is to seek high levels of total return
(capital appreciation plus income) as is consistent with its risk
profile.
- Strategic Aggressive Fund - Invests in a diversified portfolio
of stocks, bonds and money market securities and seeks a high
level of total return. The objective of the fund is to seek high
levels of total return (capital appreciation plus income) as is
consistent with its risk profile.
- Premium Bond Fund - Invests in longer-term bonds and other debt
instruments. The objective of the fund is to seek high levels of
current income.
-7-
<PAGE>
1. Description of the Plan, continued:
f. Investments Options, continued:
- Schwab Personal Choice Fund - Allows participants to invest in
mutual funds, listed and over-the-counter stocks, certificates of
deposits, money market funds and federally backed investments and
bonds at the participants discretion.
- Prime Money Market Fund - Invests in high-quality U. S.
dollar-denominated money market instruments and other short-term
obligations of bank, governments and corporations. The objective
of the fund is to seek the highest level of current income
consistent with preservation of capital.
- GNMA Fund - Invests in mortgage-backed Ginnie Mae certificates.
The objective of the fund is to provide a high level of current
income consistent with safety of principal and investment
liquidity.
- Income & Growth Fund - Invests primarily in larger-sized
companies and targets stocks with a higher expected dividend
yield and higher overall return potential. The objective of the
fund is to provide dividend growth, current income and capital
appreciation by investing in common stocks.
g. Participant Notes Receivable: Participants may borrow from their fund
accounts a minimum of $1,000 and to a maximum equal to the lesser of
$50,000 or 50 percent of their account balance. Loan transactions are
treated as a transfer to/from the investment fund from/to the
Participant Notes fund. Loan terms range from one to five years or up
to ten years for the purchase of a primary residence. The loans bear
interest at a rate commensurate with local prevailing rates. Interest
rates range from 6.5 to 9.5 percent. Principal and interest are paid
ratably through monthly payroll deductions.
h. Payment of Benefits: On termination of service due to death,
disability, or retirement, a participant may elect to receive all or
part of participant's vested interest in his or her account as a
lump-sum distribution.
i. Forfeitures: The Plan permits the Company to use the Ford Company
Stock fund units forfeited by participants to pay Plan administration
expenses, and, to the extent not used to pay such expenses, to reduce
future Company contributions. As of December 31, 1997 and 1996
$130,464 and $48,045, respectively, were forfeited by plan
participants and were available to pay future administrative expenses.
To the extent that forfeited units are not available to pay
administrative expenses, the Company pays such expenses.
-8-
<PAGE>
1. Description of the Plan, continued:
j. Investment Participation: The number of participants in each program
at December 31, 1997 are as follows:
Number of
Investment Fund Participants
-------------------------------- ----------------
Ford Company Stock Fund 291
Ultra Fund 205
Vista Fund 153
Equity Income Fund 121
Value Fund 163
International Growth Fund 110
Strategic Conservative Fund 13
Strategic Moderate Fund 30
Strategic Aggressive Fund 61
Premium Bond Fund 23
Schwab Personal Choice Fund 11
Prime Money Market Fund 149
GNMA Fund 29
Income & Growth Fund 184
2. Summary of Significant Accounting Policies:
a. Basis of Accounting: The financial statements of the Plan are
prepared under the accrual method of accounting.
b. Investment Valuation and Income Recognition: All Plan investments
are valued on the basis of established year-end quoted market prices.
Participant notes are carried at cost, which approximates fair value.
Purchases and sales of securities are recorded on a trade-date basis.
Gains and losses on sales of securities are based on average cost.
Dividend income is recorded on the ex-dividend date. Interest income
is recorded on the accrual basis. The Plan presents in the statement
of changes in net assets available for benefits the net appreciation
in the fair value of its investments which consist of the realized
gains and losses and the unrealized appreciation and depreciation on
those investments.
c. Payment of Benefits: Benefits are recorded when paid.
d. Contributions: Contributions from employees and the Company are
recorded in the period that payroll deductions are made from Plan
participants.
-9-
<PAGE>
2. Summary of Significant Accounting Policies, continued:
e. Use of Estimates: The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reported period.
Actual results could differ from those estimates.
f. Risks and Uncertainties: The Plan provides for various investment
options in any combination of either equity or fixed income investment
securities. Investment securities are exposed to various risks, such
as interest rate, market and credit. Due to the level of risk
associated with certain investment securities and the level of
uncertainty related to changes in the value of investment securities,
it is at least reasonably possible that changes in risks in the near
term would materially affect participants' account balances and the
amounts reported in the statement of net assets available for benefits
and the statement of changes in net assets available for benefits.
3. Plan Termination:
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA. In the event of
Plan termination, participants will become 100 percent vested in all
funds in their accounts.
-10-
<PAGE>
4. Asset Value Per Unit:
The number of units and asset value per unit, at December 31, 1997 per
American Century Services Corporation are as follows:
Number Asset
of Value
Units Per Unit
----------- -----------
Ford Motor Company Stock Fund 180,116 $ 48.69
Ultra Fund 73,873 27.30
Vista Fund 86,484 12.42
Equity Income Fund 155,385 6.66
Value Fund 328,508 6.95
International Growth Fund 94,794 8.19
Strategic Conservative Fund 5,176 5.22
Strategic Moderate Fund 15,173 5.80
Strategic Aggressive Fund 66,263 6.04
Premium Bond Fund 24,184 10.13
Schwab Personal Choice Fund 208,540 1.00
Prime Money Market Fund 1,446,830 1.00
GNMA Fund 17,737 10.66
Income & Growth Fund 98,496 24.30
5. Tax Status:
The Internal Revenue Service has determined and informed the Company by a
letter dated September 13, 1995, that the Plan is in accordance with the
applicable sections of the Internal Revenue Code. The Plan has been
amended since receiving the determination letter. However, the plan
administrator believes the Plan is designed and is currently being
operated in compliance with the applicable requirements of the Internal
Revenue Code. Therefore, no provision for income taxes has been included
in the Plan's financial statements.
6. Change in Trustees:
Effective January 1, 1997, the Company transferred trustee
responsibilities from Comerica Bank to UMB Bank. The Company also
retains American Century Services Corporation as third party
administrator.
-11-
<PAGE>
7. Subsequent Events:
On March 2, 1998, the Board of Directors of the Company approved the
spin-off of all of the Company's 80.7 percent interest in Associates
First Capital Corporation (the "Associates") by declaring a dividend on
the Company's outstanding shares of Common and Class B stock. The
spin-off dividend was payable on April 7, 1998 to stockholders of record
on March 12, 1998.
Participants with assets in the Ford Stock Fund under the Plan on the
distribution date received the stock dividend distribution. As a
result, a total of 53,198 shares of Associates Common Stock was
received by the trustee on behalf of Plan participants.
In preparation for the spin-off, the Associates Stock Fund was created to
hold the Associates shares acquired under the Plan as a result of the
spin-off. Future cash dividends paid on the Associates stock held in the
Associates Stock Fund will be credited to participants' accounts in the
Ford Stock Fund and invested in shares of Ford Common Stock.
During the period between the record date and the distribution date,
participants' Ford Stock Fund account balances under the Plan reflected
the value of the Associates stock distribution.
The Associates Stock Fund is a "sell-only" fund and no contributions or
transfers by Plan participants may be made to this fund.
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<PAGE>
<TABLE>
<CAPTION>
Ford Microelectronics, Inc. Salaried Retirement Savings Plan
Item 27a - Schedule of Assets Held for Investment Purposes
as of December 31, 1997
(c)
Description of Investment,
(b) Including Maturity Date, (e)
Identity if Issuer, Borrower, Rate of Interest, Collateral, (d) Current
(a) Lessor or Similar Party Par or Maturity Value Cost Value
- ------ ------------------------------- ------------------------------------------- ----------------- -----------------
<S> <C> <C> <C> <C>
* Ford Motor Company Ford Motor Company Common Stock,
180,116 units $ 6,235,817 $ 8,769,755
* American Century Services Ultra Fund
Corporation Ultra Fund, 73,873 units 2,183,179 2,016,726
Vista Fund, 86,484 units 1,198,273 1,074,133
Equity Income Fund, 155,385 units 1,045,050 1,034,864
Value Fund, 328,508 units 2,269,020 2,283,131
International Growth Fund, 94,794 units 794,645 776,366
Strategic Conservative Fund, 5,176 units 27,051 27,432
Strategic Moderate Fund, 15,173 units 84,985 88,307
Strategic Aggressive Fund, 66,263 units 384,338 399,564
Premium Bond Fund, 24,184 units 241,243 245,469
Schwab Personal Choice Fund,
208,540 units 221,805 204,544
Prime Money Market Fund, 1,446,830
units 1,446,830 1,446,830
GNMA Fund 185,671 189,435
Income & Growth Fund, 98,496 units 2,190,603 2,393,449
* Participant notes 6.5% to 10% interest rate generally
maturing from 3 to 5 years - 522,386
----------------- -----------------
Total $ 18,508,510 $ 21,472,391
================= =================
*Party-in-interest to the Plan.
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
Ford Microelectronics, Inc. Salaried Retirement Savings Plan
Item 27d - Schedule of Reportable Transactions
for the year ended December 31, 1997
(b) (h)
(a) Description of Asset (c) (d) (e) (f) (g) Current (i)
Identity of (Including Interest Rate and Purchase Selling Lease Expenses Cost of Value Net Gain
Party Involved Maturity in Case of a Loan) Price Price Rental Incurred Asset of Asset or (Loss)
- -------------- ----------------------------------- ------------- ---------- ------- ---------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
REPORTING Single transaction in excess of
CRITERION I: five percent of current value of
plan assets.
None.
REPORTING Series of transactions in other
CRITERION II: than securities in excess of five
percent of current value of plan
assets.
None.
REPORTING Series of transactions in
CRITERION securities in excess of five
III: percent of current value of
plan assets.
American Equity Income Fund:
Century Purchases $1,711,684 $1,711,684 $1,711,684
Services Income & Growth Fund:
Corporation* Purchases 2,764,902 2,764,902 2,764,902
International Growth Fund:
Purchases 955,183 955,183 955,183
Prime Market Fund:
Purchases 4,012,204 4,012,204 4,012,204
Sales $2,669,700 2,565,375 2,669,700 $ 104,325
Ultra Fund:
Purchases 2,545,757 2,545,757 2,545,757
Value Fund:
Purchases 3,032,299 3,032,299 3,032,299
Sales 807,251 763,280 807,251 43,971
Vista Fund:
Purchases 1,794,748 1,794,748 1,794,748
-14-
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Ford Microelectronics, Inc. Salaried Retirement Savings Plan
Item 27d - Schedule of Reportable Transactions, Continued
(b) (h)
(a) Description of Asset (c) (d) (e) (f) (g) Current (i)
Identity of (Including Interest Rate and Purchase Selling Lease Expenses Cost of Value Net Gain
Party Involved Maturity in Case of a Loan) Price Price Rental Incurred Asset of Asset or (Loss)
- -------------- ----------------------------------- ------------- ------------ -------- ---------- --------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
REPORTING
CRITERION III,
continued:
Ford Ford Motor Company Common Stock:
Motor Purchases $ 9,626,386 $9,626,386 $ 9,626,386
Company* Sales $ 5,286,696 $4,640,251 $ 5,286,696 $646,445
REPORTING Single transactions with a
CRITERION nonregulated entity in excess
IV: of five percent of current
value of plan assets.
None.
</TABLE>
(1) Information regarding expenses incurred with each transaction was not
available from the trustee.
*Party-in-interest to the Plan.
-15-
Exhibit 23
Consent of Independent Accountants
Ford Motor Company
The American Road
Dearborn, Michigan
Re: Ford Motor Company Registration Statement
No. 333-47735, 333-02407, 33-58785, 33-56785
We consent to the incorporation by reference in the above Registration Statement
of our report dated June 23, 1998, to the Board of Directors of Ford Motor
Company and Ford Microelectronics, Inc. with respect to the financial statements
of the Ford Microelectronics, Inc. Salaried Retirement Savings Plan at
December 31, 1997 and 1996, and for the year ended December 31, 1997, which is
included in this Annual Report on Form 11-K.
/s/Coopers & Lybrand, L.L.P.
400 Renaissance Center
Detroit, Michigan 48243
June 29, 1998
