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Previous: FLORIDA ROCK INDUSTRIES INC, 10-K/A, 1999-01-21 |
Next: FRANKLIN RESOURCES INC, 8-K, 1999-01-21 |
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 January 21, 1999
----------------
(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-
Item 5. Other Events.
- ---------------------
News release dated January 21, 1999, 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 Filed with this Report
January 21, 1999
Exhibit 27.1 Financial Data Schedule - Filed with this Report
Automotive Segment
Exhibit 27.2 Financial Data Schedule - Filed with this Report
Financial Services Segment
Exhibit 27.3 Financial Data Schedule - Filed with this Report
Conglomerate Total
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: January 21, 1999 By:/s/Kathryn S. Lamping
----------------------------
Kathryn S. Lamping
Assistant Secretary
<PAGE>
-3-
EXHIBIT INDEX
DESIGNATION DESCRIPTION PAGE
- ----------- ----------- ----
Exhibit 20 News release dated January 21, 1999
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
Global News, The American Road, P.O. Box 1899, Dearborn, MI 48121-1899
Telephone: 313-322-9600; Fax: 313-845-0570
E-Mail: [email protected]; Internet: http://media.ford.com
Contact: Media Inquiries Securities Analysts Shareholder Inquiries
Jim Cain Mike Holland (800) 555-5259 or
313-322-3428 313-323-8221 (313) 845-8540
FORD EARNS $6.6 BILLION BEFORE CHARGES IN 1998, UP 10 PERCENT
Momentum Continues with 11th Consecutive Quarter of Improved Operating Earnings
DEARBORN, January 21, 1999 -- Ford Motor Company [NYSE: F] earned $5,939 million
in 1998, or $4.72 per diluted common and Class B share, excluding earnings from
The Associates [NYSE: AFS] and the gain that resulted from Ford's spin-off of
that company. Excluding these and other one-time factors, Ford's operating
earnings were $6,570 million, up $582 million, or 10 percent on a comparable
basis; earnings per share were $5.30 per share, up $0.44 per share.
"The transformation of Ford continued to gain momentum in 1998," said Jacques
Nasser, president and chief executive officer. "Our quality is the best it has
ever been, we improved our operating efficiency and our products continue to be
well received by customers. As a result, we were able to achieve our eleventh
consecutive quarter of improved operating earnings.
"We delivered a total return to investors of 89 percent, which placed the
performance of Ford stock in the top quartile of S&P 500 companies for the
second year in a row," Nasser added. "Maintaining this level of performance for
shareholders over time is one of our financial milestones. To continue to
deliver, we know we must increase our consumer focus, strengthen our brands,
provide the best total value to consumers, develop leaders at all levels of the
company and be responsible in corporate citizenship."
Ford's 1998 operating earnings of $6,570 million exclude previously announced
one-time charges for employee separation programs and asset write-downs totaling
$631 million ($0.51 per share), earnings from The Associates of $177 million
($0.14 per share), the one-time gain resulting from The Associates spin-off of
$15,955 million ($12.90 per share) and a one-time earnings per share reduction
($0.07) for the premium paid to repurchase Ford's Series B preferred stock.
<PAGE>
-2-
Ford's reported 1997 earnings were $6,920 million ($5.62 per share). Comparable
1997 operating results were $5,988 million ($4.86 per share). This excludes
Ford's share of earnings of The Associates, which were $832 million ($0.68 per
share), and a net gain of $100 million ($0.08 per share) for one-time actions.
FOURTH QUARTER 1998
Ford reported earnings of $1,043 million ($0.84 per share) in the fourth quarter
of 1998. Excluding one-time charges, Ford earned $1,674 million ($1.35 per
share) -- Ford's eleventh consecutive quarter of year-over-year operating
improvement. Net income for the fourth quarter of 1997, excluding The
Associates, was $1,572 million ($1.27 per share).
AUTOMOTIVE OPERATIONS
Reported full-year 1998 earnings from automotive operations were $4,752 million.
Excluding one-time charges, earnings were $5,377 million, up $494 million.
Ford's reported automotive after-tax return on sales (ROS) was 4 percent in
1998. Excluding one-time charges, ROS was 4.6 percent, up 0.6 points.
For the full-year, total costs were down $2.2 billion at constant volume and
mix. This exceeded Ford's full-year milestone, which was to lower total costs by
$1 billion.
Reported net income from automotive operations in the fourth quarter of 1998 was
$820 million. Excluding one-time charges, earnings were $1,445 million, up
$104 million. Reported ROS was 2.6 percent in the fourth quarter of 1998.
Excluding one-time charges, ROS was 4.5 percent, up 0.3 points.
North America: Reported full-year 1998 automotive earnings in North America were
$4,612 million. Excluding one-time charges of $363 million, earnings were
$4,975 million, up $416 million. Reported full-year ROS was 5.3 percent. Ford's
full-year 1998 milestone was to earn a 5 percent ROS in North America. Excluding
charges, ROS was 5.8 percent, up 0.6 points.
The earnings improvement for the full year was driven by improved quality, lower
costs and favorable product mix, offset partially by higher marketing costs and
the fourth quarter charges.
<PAGE>
-3-
Reported fourth quarter 1998 automotive earnings in North America were
$1,047 million. Excluding one-time charges, earnings were $1,410 million, up
$57 million. Reported ROS in North America was 4.5 percent. Excluding charges,
ROS was 6.0 percent, up 0.1 points.
"In 1998, Ford posted its best retail sales in the United States in 20 years,
and all-time U.S. sales records at Ford Division and Jaguar," Nasser said. "Our
outlook for 1999 is for another strong U.S. market. We expect industry volumes
will range between 15 million and 15.5 million units, the sixth year in a row of
industry volumes greater than 15 million units."
Europe: Reported full-year earnings for Europe in 1998 were $193 million.
Excluding charges of $137 million, earnings were $330 million, up $13 million.
Ford's 1998 full-year milestone was to be profitable. Ford's 1999 full-year
milestone for Europe is to grow earnings.
Ford reported a loss of $74 million in the fourth quarter of 1998. Excluding
charges, Ford earned $63 million, down $95 million from a year ago. The decline
in fourth quarter earnings reflects lower volumes, lower export sales and launch
costs for the Ford Focus, offset partially by cost reductions.
"We are determined to improve our results in Europe by continuing to lower our
costs, improve our quality and grow the business with new vehicles such as the
Ford Focus," said Nasser. "The Focus, which is now in production, has received
numerous accolades for its styling, packaging, value and driving dynamics, and
was named European Car of the Year."
South America: Reported full-year 1998 results in South America were a loss of
$226 million. Excluding charges of $81 million, full-year automotive results
were a loss of $145 million, down $185 million. Ford disclosed in the third
quarter that it did not expect to achieve its milestone of breaking even in
South America in 1998 as a result of significantly lower volumes. In Brazil,
Ford's largest market in the region, industry volumes in 1998 were down about
20 percent from 1997.
In the fourth quarter of 1998, Ford reported a loss of $151 million in South
America. Excluding charges, Ford lost $70 million, up $1 million from the prior
year.
<PAGE>
-4-
"Economic and market conditions in Brazil continue to be difficult," Nasser
said. "For 1999, we have established a milestone of improving our operating
results in South America, but we are not expecting to be profitable there."
Visteon: The earnings of Visteon Automotive Systems, Ford's automotive
components enterprise, are included in the company's automotive results. In
1998, Visteon reported earnings of $712 million, up $194 million, or 37 percent,
from 1997. In the fourth quarter of 1998, Visteon earned $132 million, compared
with $48 million a year ago. Visteon's milestone for 1999 is to grow its
earnings and obtain $2 billion in new business.
FORD CREDIT
Reported earnings in 1998 were $1,084 million, up $53 million or 5 percent,
which was below the 1998 milestone of achieving 10 percent earnings growth.
Excluding charges of $6 million, earnings were $1,090 million, up $59 million.
The increase in full-year earnings reflects improved credit loss performance,
lower taxes and higher financing volumes, offset partially by higher
depreciation expense on leased vehicles.
In the fourth quarter of 1998, Ford Credit reported earnings of $234 million,
up 7 percent. Excluding charges, earnings were $240 million, up $22 million
or 10 percent.
"We believe Ford Credit can improve on the earnings momentum it showed in the
fourth quarter and achieve its 1999 full-year milestone of 10 percent earnings
growth," Nasser said.
HERTZ
The Hertz Corporation [NYSE: HRZ] reported its fifth consecutive year of record
earnings and seventh consecutive year of increased earnings. Net income was
$277 million in 1998, up 37 percent, compared with earnings of $202 million in
1997. Ford's share of Hertz' 1998 earnings was $224 million.
In the fourth quarter of 1998, Hertz earned a record $48 million, up 37 percent
compared with earnings of $35 million in the same period a year ago. Ford's
share of Hertz' fourth quarter 1998 earnings was $39 million. The Hertz
1999 full-year milestone is for the company to deliver record earnings.
# # #
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company and Subsidiaries
HIGHLIGHTS
----------
Fourth Quarter Full Year
---------------------------- ---------------------------
1998 1997 1998 1997
------------ ------------ ------------ ------------
(unaudited)
<S> <C> <C> <C> <C>
Worldwide vehicle unit sales of
cars and trucks (in thousands)
- - North America 1,197 1,118 4,370 4,432
- - Outside North America 617 673 2.453 2,515
----- ----- ----- -----
Total 1,814 1,791 6,823 6,947
===== ===== ===== =====
Sales and revenues (in millions)
- - Automotive $32,204 $31,897 $119,083 $122,935
- - Financial Services 5,699 8,055 25,333 30,692
------- ------- -------- --------
Total $37,903 $39,952 $144,416 $153,627
======= ======= ======== ========
Net income (in millions)
- - Automotive $ 820 $ 1,341 $ 4,752 $ 4,714
- - Financial Services (excl. The Associates) 223 231 1,187 1,374
--------- ------- -------- --------
Subtotal 1,043 1,572 5,939 6,088
- - The Associates - 224 177 832
- - Gain on spin-off of The Associates - - 15,955 -
------- ------- -------- --------
Total $ 1,043 $ 1,796 $ 22,071 $ 6,920
======= ======= ======== ========
Capital expenditures (in millions)
- - Automotive $ 2,445 $ 2,389 $ 8,113 $ 8,142
- - Financial Services 106 162 504 575
------- ------- -------- --------
Total $ 2,551 $ 2,551 $ 8,617 $ 8,717
======= ======= ======== ========
Automotive capital expenditures as a
percentage of sales 7.6% 7.5% 6.8% 6.6%
Stockholders' equity at December 31
- - Total (in millions) $23,409 $30,734 $ 23,409 $ 30,734
- - After-tax return on Common and
Class B stockholders' equity 17.8% 24.1% 25.4% 24.4%
Automotive net cash at December 31
(in millions)
- - Cash and marketable securities $23,805 $20,835 $ 23,805 $ 20,835
- - Debt 9,834 8,176 9,834 8,176
------- ------- -------- --------
Automotive net cash $13,971 $12,659 $ 13,971 $ 12,659
======= ======= ======== ========
After-tax return on sales
- - North American Automotive 4.5% 5.9% 5.3% 5.1%
- - Total Automotive 2.6% 4.2% 4.0% 3.9%
Shares of Common and Class B Stock
(in millions)
- - Average number outstanding 1,210 1,201 1,211 1,195
- - Number outstanding at December 31 1,209 1,202 1,209 1,202
Common Stock price (per share)
(adjusted to reflect The Associates
spin-off)
- - High $59-7/8 $33-9/16 $61-7/16 $33 9/16
- - Low 38-13/16 27 23/32 28-15/32 20 3/64
AMOUNTS PER SHARE OF COMMON AND
CLASS B STOCK AFTER PREFERRED
STOCK DIVIDENDS
Income assuming dilution
- - Automotive $ 0.66 $ 1.08 $ 3.76 $ 3.82
- - Financial Services (excl. The Associates) 0.18 0.19 0.96 1.12
------- ------- ------- --------
Subtotal 0.84 1.27 4.72 4.94
- - The Associates - 0.18 0.14 0.68
- - Gain on spin-off of The Associates - - 12.90 -
------- ------- ------- --------
Total $ 0.84 $ 1.45 $ 17.76 $ 5.62
======= ======= ======= ========
Cash dividends $ 0.46 $ 0.42 $ 1.72 $ 1.645
</TABLE>
FS-1
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company and Subsidiaries
VEHICLE UNIT SALES
------------------
For the Periods Ended December 31, 1998 and 1997
(in thousands)
Fourth Quarter Full Year
------------------------ --------------------------
1998 1997 1998 1997
-------- -------- -------- --------
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
North America
United States
Cars 428 409 1,563 1,614
Trucks 654 578 2,425 2,402
----- ----- ----- -----
Total United States 1,082 987 3,988 4,016
Canada 87 91 279 319
Mexico 28 40 103 97
----- ----- ----- -----
Total North America 1,197 1,118 4,370 4,432
Europe
Britain 102 124 498 466
Germany 143 137 444 460
Italy 56 70 205 248
France 54 41 171 153
Spain 46 43 155 155
Other 95 91 377 318
----- ----- ----- -----
Total Europe 496 506 1,850 1,800
Other international
Brazil 34 49 178 214
Australia 35 31 133 132
Argentina 16 35 97 147
Taiwan 12 17 77 79
Japan 5 10 25 40
Other 19 25 93 103
----- ----- ----- -----
Total other international 121 167 603 715
----- ----- ----- -----
Total worldwide vehicle unit sales 1,814 1,791 6,823 6,947
===== ===== ===== =====
</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.
Prior periods restated to correct reported unit sales.
FS-2
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
--------------------------------
For the Years Ended December 31, 1998, 1997 and 1996
(in millions, except amounts per share)
1998 1997 1996
------------ ----------- -----------
<S> <C> <C> <C>
AUTOMOTIVE
Sales $119,083 $122,935 $118,023
Costs and expenses
Costs of sales 104,782 108,907 108,882
Selling, administrative and other expenses 7,616 7,082 6,625
-------- -------- --------
Total costs and expenses 112,398 115,989 115,507
Operating income 6,685 6,946 2,516
Interest income 1,331 1,116 841
Interest expense 829 788 695
-------- -------- --------
Net interest income 502 328 146
Equity in net loss of affiliated companies (38) (88) (6)
Net expense from transactions with
Financial Services (191) (104) (85)
--------- -------- --------
Income before income taxes - Automotive 6,958 7,082 2,571
FINANCIAL SERVICES
Revenues 25,333 30,692 28,968
Costs and expenses
Interest expense 8,036 9,712 9,704
Depreciation 8,589 7,645 6,875
Operating and other expenses 4,618 6,621 6,217
Provision for credit and insurance losses 1,798 3,230 2,564
Asset write-downs and dispositions - - 121
-------- -------- --------
Total costs and expenses 23,041 27,208 25,481
Net revenue from transactions with Automotive 191 104 85
Gain on spin-off of The Associates 15,955 - -
Gain on sale of Common Stock of a subsidiary - 269 650
-------- -------- --------
Income before income taxes - Financial Services 18,438 3,857 4,222
-------- -------- --------
TOTAL COMPANY
Income before income taxes 25,396 10,939 6,793
Provision for income taxes 3,176 3,741 2,166
-------- -------- --------
Income before minority interests 22,220 7,198 4,627
Minority interests in net income of subsidiaries 149 278 181
-------- -------- --------
Net income $ 22,071 $ 6,920 $ 4,446
======== ======== ========
Income attributable to Common and Class B Stock
after preferred stock dividends $ 21,964 $ 6,866 $ 4,381
Average number of shares of Common and Class B
Stock outstanding 1,211 1,195 1,179
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK
Basic income $ 18.17 $ 5.75 $ 3.73
Diluted income $ 17.76 $ 5.62 $ 3.64
Cash dividends $ 1.72 $ 1.645 $ 1.47
</TABLE>
FS-3
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
--------------------------
(in millions)
December 31, December 31,
1998 1997
-------------- --------------
<S> <C> <C>
ASSETS
Automotive
Cash and cash equivalents $ 3,685 $ 6,316
Marketable securities 20,120 14,519
-------- --------
Total cash and marketable securities 23,805 20,835
Receivables 2,604 3,097
Inventories 5,656 5,468
Deferred income taxes 3,239 3,249
Other current assets 3,405 3,782
Net current receivable from Financial Services 0 416
-------- --------
Total current assets 38,709 36,847
Equity in net assets of affiliated companies 2,401 1,951
Net property 37,320 34,594
Deferred income taxes 3,175 3,712
Other assets 7,139 7,975
-------- --------
Total Automotive assets 88,744 85,079
Financial Services
Cash and cash equivalents 1,151 1,618
Investments in securities 968 2,207
Net receivables and lease investments 132,567 175,417
Other assets 13,227 14,776
Net receivable from Automotive 888 0
-------- --------
Total Financial Services assets 148,801 194,018
-------- --------
Total assets $237,545 $279,097
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive
Trade payables $ 13,368 $ 11,997
Other payables 2,755 2,557
Accrued liabilities 17,432 16,250
Income taxes payable 1,404 1,358
Debt payable within one year 1,121 1,129
Net current payable to Financial Services 70 0
-------- --------
Total current liabilities 36,150 33,291
Long-term debt 8,713 7,047
Other liabilities 29,626 28,899
Deferred income taxes 751 1,210
Net payable to Financial Services 818 0
-------- --------
Total Automotive liabilities 76,058 70,447
Financial Services
Payables 3,555 4,539
Debt 122,324 160,071
Deferred income taxes 5,488 4,347
Other liabilities and deferred income 6,034 7,865
Net payable to Automotive 0 416
-------- --------
Total Financial Services liabilities 137,401 177,238
Company-obligated mandatorily redeemable preferred securities of a subsidiary
trust holding solely junior subordinated debentures of the Company 677 678
Stockholders' equity
Capital stock
Preferred Stock, par value $1.00 per share (aggregate liquidation preference
of $177 million and $637 million) * *
Common Stock, par value $1.00 per share (1,151 and 1,132 million shares issued) 1,151 1,132
Class B Stock, par value $1.00 per share (71 million shares issued) 71 71
Capital in excess of par value of stock 5,283 5,564
Accumulated other comprehensive income (1,670) (1,228)
ESOP loan and treasury stock (1,085) (39)
Earnings retained for use in business 19,659 25,234
-------- --------
Total stockholders' equity 23,409 30,734
-------- --------
Total liabilities and stockholders' equity $237,545 $279,097
======== ========
- - - - -
*Less than $500,000
</TABLE>
FS-4
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company and Subsidiaries
CONSOLIDATED STATEMENT OF CASH FLOWS
------------------------------------
For the Years Ended December 31, 1998, 1997 and 1996
(in millions)
1998 1997 1996
---------------------------- ---------------------------- ----------------------------
Financial Financial Financial
Automotive Services Automotive Services Automotive Services
-------------- ------------ ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Cash and cash equivalents at January 1 $ 6,316 $ 1,618 $ 3,578 $ 3,689 $ 5,750 $ 2,690
Cash flows from operating activities 9,622 13,478 13,984 13,650 6,576 12,681
Cash flows from investing activities
Capital expenditures (8,113) (504) (8,142) (8,209) (442)
Purchase of leased assets (110) - (332) - (195) -
Acquisitions of other companies 0 (344) 0 (40) 0 (166)
Acquisitions of receivables and lease
investments - (78,863) - (117,895) - (109,087)
Collections of receivables and lease
investments - 49,303 - 86,842 - 82,398
Net acquisitions of daily rental vehicles - (1,790) - (958) - (1,759)
Net proceeds from USL Capital asset sales - - - - - 1,157
Purchases of securities (758) (2,102) (43) (3,067) (6) (8,020)
Sales and maturities of securities 590 2,271 13 3,520 7 9,863
Proceeds from sales of receivables and
lease investments - 8,413 5,197 - 2,867
Net investing activity with
Financial Services 642 - 258 - 416 -
Other (468) (463) (285) (569) (586) (45)
------- -------- ------- --------- ------- ---------
Net cash used in investing activities (8,217) (24,079) (8,531) (27,545) (8,573) (23,234)
Cash flows from financing activities
Cash dividends (5,348) - (2,020) - (1,800) -
Issuance of Common Stock 157 - 310 - 192 -
Issuance of Common Stock of a subsidiary - - - 453 - 1,897
Purchase of Ford Treasury Stock (669) - (15) - - -
Preferred stock - Series B repurchase, -
Series A redemption (420) - - - - -
Changes in short-term debt 497 7,475 (430) 6,210 151 3,474
Proceeds from issuance of other debt 2,403 21,776 1,100 22,923 1,688 22,342
Principal payments on other debt (1,434) (16,797) (668) (18,215) (1,031) (14,428)
Net financing activity with Automotive - (642) - (258) - (416)
Spin-off of The Associates cash - (508) - - - -
Other (472) (12) 16 (206) 37 (528)
------- -------- ------- --------- ------- ---------
Net cash (used in)/provided by
financing activities (5,286) 11,292 (1,707) 10,907 (763) 12,341
Effect of exchange rate changes on cash (54) 146 (119) 28 (85) (116)
Net transactions with Automotive/
Financial Services 1,304 (1,304) (889) 889 673 (673)
------- ---------- ------- --------- ------- ---------
Net (decrease)/increase in cash and
cash equivalents (2,631) (467) 2,738 (2,071) (2,172) 999
------- -------- ------- --------- ------- ---------
Cash and cash equivalents at December 31 $ 3,685 $ 1,151 $ 6,316 $ 1,618 $ 3,578 $ 3,689
======= ======== ======= ========= ======= =========
</TABLE>
FS-5
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 January 21, 1999 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<CASH> 3,685
<SECURITIES> 20,120
<RECEIVABLES> 2,494
<ALLOWANCES> 110
<INVENTORY> 5,656
<CURRENT-ASSETS> 38,709
<PP&E> 80,838
<DEPRECIATION> 43,517
<TOTAL-ASSETS> 88,744
<CURRENT-LIABILITIES> 36,150
<BONDS> 8,714
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 119,083
<TOTAL-REVENUES> 119,083
<CGS> 104,782
<TOTAL-COSTS> 112,398
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 829
<INCOME-PRETAX> 6,958
<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
January 21, 1999 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<CASH> 1,151
<SECURITIES> 968
<RECEIVABLES> 132,567
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 148,801
<CURRENT-LIABILITIES> 0
<BONDS> 122,324
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 25,333
<TOTAL-REVENUES> 25,333
<CGS> 0
<TOTAL-COSTS> 23,041
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 1,798
<INTEREST-EXPENSE> 8,036
<INCOME-PRETAX> 18,438
<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 January 21, 1999 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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<TOTAL-ASSETS> 237,545
<COMMON> 1,222
0
0
<OTHER-SE> 22,187
<TOTAL-LIABILITY-AND-EQUITY> 237,545
<TOTAL-REVENUES> 144,416
<INCOME-TAX> 3,176
<INCOME-CONTINUING> 22,071
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 22,071
<EPS-PRIMARY> 18.17
<EPS-DILUTED> 17.76
</TABLE>
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