EXHIBIT 12-B
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Ford Motor Company and Subsidiaries
CALCULATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
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(in millions)
Nine
Months For the Years Ended December 31
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2000 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Earnings
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Income before income taxes $ 6,635 $ 9,854 $24,280 $10,124 $ 6,189 $ 6,335
Equity in net (income)/loss of affiliates
plus dividends from affiliates 94 (12) 87 141 75 205
Adjusted fixed charges a/ 8,274 9,381 9,161 10,896 10,785 10,520
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Earnings $15,003 $19,223 $33,528 $21,161 $17,049 $17,060
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Combined Fixed Charges and
Preferred Stock Dividends
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Interest expense b/ $ 8,014 $ 9,065 $ 8,881 $10,559 $10,450 $10,088
Interest portion of rental expense c/ 215 258 228 297 292 365
Preferred stock dividend requirements of
majority owned subsidiaries and trusts d/ 41 55 55 55 55 204
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Fixed charges 8,270 9,378 9,164 10,911 10,797 10,657
Ford preferred stock dividend requirements e/ 16 22 121 85 100 472
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Total combined fixed charges
and preferred stock dividends $ 8,286 $ 9,400 $ 9,285 $10,996 $10,897 $11,129
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Ratios
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Ratio of earnings to fixed charges 1.8 2.0 3.7 f/ 1.9 1.6 1.6
Ratio of earnings to combined fixed
charges and preferred stock dividends 1.8 2.0 3.6 f/ 1.9 1.6 1.5
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Visteon is excluded from all amounts.
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a/ Fixed charges, as shown above, adjusted to exclude the amount of
interest capitalized during the period and preferred stock dividend
requirements of majority owned subsidiaries and trusts.
b/ Includes interest, whether expensed or capitalized, and amortization
of debt expense and discount or premium relating to any indebtedness.
c/ One-third of all rental expense is deemed to be interest.
d/ Preferred stock dividend requirements of Ford Holdings, Inc. (1995)
increased to an amount representing the pre-tax earnings which would
be required to cover such dividend requirements based on Ford's
effective income tax rates. Beginning in Fourth Quarter 1995, includes
requirements related to Company-obligated mandatorily redeemable
preferred securities of a subsidiary trust.
e/ Preferred stock dividend requirements of Ford Motor Company increased
to an amount representing the pre-tax earnings which would be required
to cover such dividend requirements based on Ford Motor Company's
effective income tax rates.
f/ Earnings used in calculation of this ratio include the $15,955 million
gain on the spin-off of The Associates. Excluding this gain, the ratio
is 1.9.
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