Company Website:
http://corporate.ford.com/
DEARBORN, Mich. -- (Business Wire)
Ford Motor Company (NYSE:F):
-
Ford continues aggressive implementation of its One Ford plan,
remaining focused on product excellence and innovation for its
customers; Ford expects that by 2020 its annual global sales will
increase by 45 to 55 percent to approximately 9.4 million
-
Company plans to grow faster than the industry in both volume and
revenue and generate positive automotive operating-related cash flow
through 2020
-
Ford projects automotive operating margin of about 8 percent by 2020
with a long-term target of between 8 percent and 9 percent
-
Automotive pre-tax profits to be more balanced between North America
and other regions by 2020; global footprint delivers benefits of scale
at all levels
-
Lincoln transformation continues; by 2020, annual global sales
expected to triple to approximately 300,000 as brand debuts in China
and expands market coverage
-
Ford’s 2014 pre-tax profit now projected at about $6 billion,
excluding special items, on higher warranty costs, including recalls,
in North America — mainly for prior year models — and lower volume and
weakening conditions in South America and Russia
-
Ford’s 2015 pre-tax profit to be in the $8.5 billion to $9.5 billion
range, excluding special items; revenue and operating margin projected
to be higher than 2014; aggressive product roll-outcontinues
with 16 all-new or refreshed vehicles
-
Company istargeting total shareholder returns that position it
in thetop quartile of its peer group
Ford Motor Company (NYSE:F) today outlined its 2020 vision, which
includes plans to substantially increase its global vehicle sales and
automotive operating margin, and achieve more balanced geographic
profitability.
By 2020, Ford projects annual global sales to increase 45 to 55 percent
to approximately 9.4 million. Its automotive operating margin is
projected to improve to about 8 percent during the same period, with a
long-term target of 8 percent to 9 percent.
“Our long-term plan underscores the commitment we have to our One Ford
plan, while accelerating our pace of progress, delivering product
excellence and driving innovation in all areas of our business,” said
Mark Fields, Ford’s president and CEO. “We remain completely focused on
offering customers the freshest lineup of world-class vehicles to meet
their needs.”
Ford anticipates that, by 2020, all five automotive business units and
Ford Credit will contribute to the company’s profitability. Today, the
company’s profits are more than explained by North America and Ford
Credit, with growing profits in Asia Pacific, while it continues
transforming its Europe, South America and Middle East & Africa
operations.
As it continues expanding in new regions, Ford is aggressively moving to
match production to growing customer demand and achieve benefits of
global scale. In addition, by 2020, the company projects its breakeven
volume will be two-thirds of its wholesale volume.
By 2020, Ford Credit expects managed receivables to increase by about 50
percent.
2020 TARGETS |
| |
|
| Target |
|
Global GDP Growth*
| | |
About 3%
|
|
Global Industry Growth*
| | |
About 3%
|
|
Automotive:
| | | |
|
-- Revenue and Volume Growth*
| | |
>5%
|
|
-- Operating Margin
| | |
About 8%
|
|
-- Operating-Related Cash Flow
| | |
Positive
|
|
-- Capital Spending
| | |
About $9 billion
|
|
Breakeven
| | |
2/3 of Volume
|
|
Investment Grade Profile
| | |
“A”
|
|
Total Shareholder Return
| | |
Top Quartile Of Peer Group
|
* | Compound annual growth rate from 2014 through 2020 | | | |
| | | |
|
Meeting customer demand
Ford’s 2020 vision is driven by the company’s confidence in its global
product plans. Those plans focus on delivering a full family of vehicles
that meet and exceed customer expectations in Ford’s four brand pillars
— quality, green, safe and smart — across the world.
Ford will continue to be a leader in bringing new features to market and
will seize opportunities to differentiate itself from competitors. Those
vehicles will target a diverse set of customers, from value buyers in
developing regions to luxury customers in the U.S. and China and truck
and utility customers globally.
Ford, with the 2015 F-150, is the first automaker to use high-strength,
military-grade aluminum alloys in the body of a mass-market vehicle and
plans to expand its aluminum use to include the next-generation Super
Duty. The use of aluminum allows Ford to maintain its truck leadership,
improve capability and durability across its entire lineup, and deliver
better gas mileage.
Furthering the company's emphasis on innovation, Ford will continue to
grow its presence in Silicon Valley by expanding its Palo Alto Research
and Innovation Center with a new focus and expanded talent from
different industries and backgrounds. Ford will remain a leader in
technology and will continue to focus on the research and development of
in-car connectivity and automated driving technologies, key components
of Ford’s Blueprint for Mobility.
A shift in customer and regional trends means small vehicles will play a
larger role in Ford’s product portfolio. Global models like the Fiesta,
Focus and EcoSport, and regional nameplates such as the Figo, Ka and
Escort, will comprise a greater percentage of Ford’s sales.
Fuel-efficient and versatile sport-utility vehicles and crossovers, like
the Edge and Explorer, will also make up a larger portion of Ford’s
overall sales total, especially as those models become available in new
regions. All segments will grow volume compared to today’s levels.
The company is on plan to have 99 percent of its global sales volume
built on nine platforms by 2016 and is furthering its strategy by
consolidating its long-term product plan to eight platforms.
The company will generate positive automotive operating-related cash
flow throughout its planning period, and capital spending is expected to
increase to about $9 billion annually, up from $6.6 billion in 2013.
The end result: Ford plans to refresh its global product portfolio
one-and-a-half times through the end of the decade — an expected
industry-leading refresh rate.
Lincoln sales seen tripling as brand expands to China
The reinvention of Lincoln as a world-class luxury brand continues in
North America and China and will lead to long-term sales growth and an
increase in operating margin.
This year in the U.S., Lincoln is attracting new customers with its MKZ
and MKC. Both vehicles’ segment shares are growing, performing above the
overall Lincoln brand market share level, and the vehicles are helping
to lead the revitalization of the brand.
By 2020, Lincoln targets a tripling of vehicle sales to approximately
300,000 because of the brand’s debut in China and increased market
coverage. Lincoln anticipates a long-term operating margin in line with
leading luxury brands.
“Our Lincoln sales and profit margin targets are supported by our
aggressive product investment strategy and growth plans in China,” said
Kumar Galhotra, president of Lincoln. “Our opportunity is to attract
luxury customers who are looking for new and personalized customer
experiences.”
The majority of Lincoln’s growth will come from China, where the brand
debuts this year with the MKZ sedan and new MKC luxury utility. The MKZ
and MKC are the first of four new vehicles Lincoln plans to introduce
globally by the end of 2016. The MKX midsize crossover will launch next
year, and an all-new, full-size sedan will follow soon after.
Additionally, Lincoln plans to add two new entries to its lineup by
2020, offering customers a wider range of luxury offerings.
2014 Outlook
This year will continue to serve as a critical building block in the One
Ford plan. The company is on plan to launch a record 23 vehicles in
preparation for a more profitable 2015.
As a result of higher warranty costs, including recalls, in North
America — mainly for prior year models — and lower industry volume and
weakening conditions in South America and Russia, Ford now expects its
2014 pre-tax profits to be approximately $6 billion, excluding special
items.
Ford expects its North American operating margin at the lower end of its
8 percent to 9 percent guidance range, and better results in Europe,
Asia Pacific and Ford Credit, compared to 2013.
2014 GUIDANCE |
|
| |
|
|
|
|
| | |
|
| |
| | | | | 2013 | | | | 2014 |
| | | | | Results | | | | Plan |
|
| Outlook |
| | Planning Assumptions (Mils.) | | | | | | | | | | | | |
| |
| |
Industry Volume * -- U.S.
| | |
15.9
| | | |
16.0 - 17.0
| | |
16.3 - 16.8
|
| |
-- Europe 20
| | |
13.8
| | | |
13.5 - 14.5
| | |
14.3 - 14.8
|
| |
-- China
| | |
22.2
| | | |
22.5 - 24.5
| | |
23.3 - 24.3
|
| | | | | | | | | | | | | | | |
|
| | Key Metrics | | | | | | | | | | | | | | |
| | Automotive (Compared with 2013): | | | | | | | | | | | | | | |
| |
- Revenue (Bils.)
| | |
$139.4
| | | |
About Equal
| | |
On Track
|
| | | | | | | | | | | | | | | |
|
| |
- Operating Margin **
| | |
5.4
|
%
| | |
Lower
| | |
On Track
|
| | | | | | | | | | | | | | | |
|
| |
- Operating-Related Cash Flow (Bils.) ***
| | |
$6.1
| | | |
Substantially Lower
| | |
Lower
|
| | | | | | | | | | | | | | | |
|
| | Ford Credit (Compared with 2013): | | | | | | | | | | | | | | |
| |
- Pre-Tax Profit (Bils.)
| | |
$1.8
| | | |
About Equal
| | |
Higher
|
| | | | | | | | | | | | | | | |
|
| | Company: | | | | | | | | | | | | | | |
| |
- Pre-Tax Profit (Bils.) ***
| | |
$8.6
| | | |
$7 - $8
| | |
~$6
|
| | | | | | | | | | | | | | | |
|
*
| | Based, in part, on estimated vehicle registrations; includes
medium and heavy trucks |
**
| | Automotive operating margin is defined as Automotive pre-tax
results, excluding special items and Other Automotive, divided by
Automotive revenue |
***
| | Excludes special items; see "Income from Continuing Operations"
and “Operating-Related Cash Flows Reconciliation to GAAP” tables on
pages 8 and 9 |
| |
|
2015 Outlook
In 2015, Ford expects to realize the benefits of its global product
investment and growth strategies, and will continue its strong product
push with 16 global vehicle launches.
The company expects its pre-tax profit, excluding special items, to be
significantly higher — in the $8.5 billion to $9.5 billion range — with
all five automotive regions improving on 2014 results.
Europe, which Ford previously said would return to profitability in
2015, is now expected to lose about $250 million because of continued
volatility in Russia and higher pension expenses as a result of lower
interest rates. The company continues to believe it has the right
transformation plan for Europe, focused on products, brand and costs.
“In 2015, we’ll take the next step in our long-term plan that calls for
all parts of the Ford business to contribute to overall profitability,”
said Bob Shanks, Ford executive vice president and chief financial
officer. “Although we face a variety of challenges as we approach 2015,
we are well positioned for long-term growth in all areas of the
business.”
Revenue and operating margin are projected to be higher than 2014, and
wholesale volume is expected to grow in all regions. Ford Credit pre-tax
profits are expected to be about equal to or higher than 2014.
Ford expects industry sales volumes to grow in 2015. The company
projects U.S. industry sales between 16.8 million and 17.5 million. In
Europe, sales are expected between 14.8 million and 15.3 million. In
China, they are expected to increase to between 24 million and 26
million.
2015 GUIDANCE |
|
| |
|
| | | | Outlook |
| | Planning Assumptions (Mils.) | | | |
| |
Industry Volume * -- U.S.
| | |
16.8 - 17.5
|
| |
-- Europe 20
| | |
14.8 - 15.3
|
| |
-- China
| | |
24.0 - 26.0
|
| | | | |
|
| | Key Metrics | | | |
| | Automotive: | | | |
| |
- Revenue
| | |
Higher ***
|
| | | | |
|
| |
- Operating Margin **
| | |
Higher ***
|
| | | | |
|
| |
- Operating-Related Cash Flow **
| | |
Positive
|
| | | | |
|
| | Ford Credit: | | | |
| |
- Pre-Tax Profit
| | |
Equal To Or Higher ***
|
| | | | |
|
| | Company: | | | |
| |
- Pre-Tax Profit (Bils.) **
| | |
$8.5 - $9.5
|
*
| | Includes medium and heavy trucks |
**
| | Excludes special items |
***
| | Compared with 2014 |
| |
|
Risk Factors
Statements included or incorporated by reference herein may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
based on expectations, forecasts, and assumptions by Ford management and
involve a number of risks, uncertainties, and other factors that could
cause actual results to differ materially from those stated, including,
without limitation:
-
Decline in industry sales volume, particularly in the United States or
Europe, due to financial crisis, recession, geopolitical events, or
other factors;
-
Decline in Ford’s market share or failure to achieve growth;
-
Lower-than-anticipated market acceptance of Ford’s new or existing
products;
-
Market shift away from sales of larger, more profitable vehicles
beyond Ford’s current planning assumption, particularly in the United
States;
-
An increase in or continued volatility of fuel prices, or reduced
availability of fuel;
-
Continued or increased price competition resulting from industry
excess capacity, currency fluctuations, or other factors;
-
Fluctuations in foreign currency exchange rates, commodity prices, and
interest rates;
-
Adverse effects resulting from economic, geopolitical, or other events;
-
Economic distress of suppliers that may require Ford to provide
substantial financial support or take other measures to ensure
supplies of components or materials and could increase costs, affect
liquidity, or cause production constraints or disruptions;
-
Work stoppages at Ford or supplier facilities or other limitations on
production (whether as a result of labor disputes, natural or man-made
disasters, tight credit markets or other financial distress,
production constraints or difficulties, or other factors);
-
Single-source supply of components or materials;
-
Labor or other constraints on Ford’s ability to maintain competitive
cost structure;
-
Substantial pension and postretirement health care and life insurance
liabilities impairing our liquidity or financial condition;
-
Worse-than-assumed economic and demographic experience for
postretirement benefit plans (e.g., discount rates or investment
returns);
-
Restriction on use of tax attributes from tax law “ownership change;”
-
The discovery of defects in vehicles resulting in delays in new model
launches, recall campaigns, or increased warranty costs;
-
Increased safety, emissions, fuel economy, or other regulations
resulting in higher costs, cash expenditures, and/or sales
restrictions;
-
Unusual or significant litigation, governmental investigations, or
adverse publicity arising out of alleged defects in products,
perceived environmental impacts, or otherwise;
-
A change in requirements under long-term supply arrangements
committing Ford to purchase minimum or fixed quantities of certain
parts, or to pay a minimum amount to the seller (“take-or-pay”
contracts);
-
Adverse effects on results from a decrease in or cessation or clawback
of government incentives related to investments;
-
Inherent limitations of internal controls impacting financial
statements and safeguarding of assets;
-
Cybersecurity risks to operational systems, security systems, or
infrastructure owned by Ford, Ford Credit, or a third-party vendor or
supplier;
-
Failure of financial institutions to fulfill commitments under
committed credit and liquidity facilities;
-
Inability of Ford Credit to access debt, securitization, or derivative
markets around the world at competitive rates or in sufficient
amounts, due to credit rating downgrades, market volatility, market
disruption, regulatory requirements, or other factors;
-
Higher-than-expected credit losses, lower-than-anticipated residual
values, or higher-than-expected return volumes for leased vehicles;
-
Increased competition from banks or other financial institutions
seeking to increase their share of financing Ford vehicles; and
-
New or increased credit, consumer, or data protection or other
regulations resulting in higher costs and/or additional financing
restrictions.
Ford cannot be certain that any expectation, forecast, or assumption
made in preparing forward-looking statements will prove accurate, or
that any projection will be realized. It is to be expected that there
may be differences between projected and actual results. Ford’s
forward-looking statements speak only as of the date of their initial
issuance, and Ford does not undertake any obligation to update or revise
publicly any forward-looking statement, whether as a result of new
information, future events, or otherwise. For additional discussion, see
“Item 1A. Risk Factors” in Ford’s Annual Report on Form 10-K for the
year ended December 31, 2013, as updated by Ford’s subsequent Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K.
For complete copies of Ford’s presentation materials, visit: www.shareholder.ford.com.
About Ford Motor Company
Ford Motor Company, a global automotive industry leader based in
Dearborn, Mich., manufactures or distributes automobiles across six
continents. With about 186,000 employees and 65 plants worldwide, the
company’s automotive brands include Ford and Lincoln. The company
provides financial services through Ford Motor Credit Company. For more
information regarding Ford and its products worldwide, please visit www.corporate.ford.com.
| |
| | |
| | |
| | |
| | | | | | | | | |
|
TOTAL COMPANY | | | | | | | | | | |
INCOME FROM CONTINUING OPERATIONS | | | | | | Memo: |
| |
|
| Second Quarter | | First Half | | Full Year |
| | | | 2013 |
| 2014 | | 2013 | | 2014 | | 2013 |
| | | |
(Mils.)
| |
(Mils.)
| |
(Mils.)
| |
(Mils.)
| |
(Mils.)
|
| Automotive | | | | | | | | | | | | | | | | |
|
North America
| | |
$
|
2,321
| | |
$
|
2,440
| | |
$
|
4,713
| | |
$
|
3,940
| | |
$
|
8,809
| |
|
South America
| | |
151
| | |
(295
|
)
| |
(67
|
)
| |
(805
|
)
| |
(33
|
)
|
|
Europe
| | |
(306
|
)
| |
14
| | |
(731
|
)
| |
(180
|
)
| |
(1,442
|
)
|
|
Middle East & Africa
| | |
13
| | |
23
| | |
60
| | |
77
| | |
(69
|
)
|
|
Asia Pacific
| | |
130
| | |
159
| | |
102
| | |
450
| | |
327
| |
|
Other Automotive
| | |
(205
|
)
| |
(171
|
)
| |
(330
|
)
| |
(393
|
)
| |
(656
|
)
|
|
Total Automotive (excl. special items)
| | |
$
|
2,104
| | |
$
|
2,170
| | |
$
|
3,747
| | |
$
|
3,089
| | |
$
|
6,936
| |
|
Special items -- Automotive
| | |
(736
|
)
| |
(481
|
)
| |
(759
|
)
| |
(603
|
)
| |
(1,568
|
)
|
|
Total Automotive
| | |
$
|
1,368
| | |
$
|
1,689
| | |
$
|
2,988
| | |
$
|
2,486
| | |
$
|
5,368
| |
| | | | | | | | | | | | | | | | |
|
| Financial Services | | | | | | | | | | | | | | | | |
|
Ford Credit
| | |
$
|
454
| | |
$
|
434
| | |
$
|
961
| | |
$
|
933
| | |
$
|
1,756
| |
|
Other Financial Services
| | |
(3
|
)
| |
(5
|
)
| |
(7
|
)
| |
(42
|
)
| |
(84
|
)
|
|
Total Financial Services
| | |
$
|
451
| | |
$
|
429
| | |
$
|
954
| | |
$
|
891
| | |
$
|
1,672
| |
| | | | | | | | | | | | | | | | |
|
| Total Company | | | | | | | | | | | | | | | | |
|
Pre-tax results
| | |
$
|
1,819
| | |
$
|
2,118
| | |
$
|
3,942
| | |
$
|
3,377
| | |
$
|
7,040
| |
|
(Provision for)/Benefit from income taxes
| | |
(585
|
)
| |
(803
|
)
| |
(1,096
|
)
| |
(1,073
|
)
| |
135
|
|
|
Net income
| | |
$
|
1,234
| | |
$
|
1,315
| | |
$
|
2,846
| | |
$
|
2,304
| | |
$
|
7,175
| |
|
Less: Income/(Loss) attributable to non-controlling interests
| | |
1
|
| |
4
|
| |
2
|
| |
4
|
| |
(7
|
)
|
|
Net income attributable to Ford
| | |
$
|
1,233
|
| |
$
|
1,311
|
| |
$
|
2,844
|
| |
$
|
2,300
|
| |
$
|
7,182
|
|
| | | | | | | | | | | | | | | | |
|
|
Memo: Excluding special items
| | | | | | | | | | | | | | | | |
|
Pre-tax results
| | |
$
|
2,555
| | |
$
|
2,599
| | |
$
|
4,701
| | |
$
|
3,980
| | |
$
|
8,608
| |
|
(Provision for)/Benefit from income taxes
| | |
(721
|
)
| |
(965
|
)
| |
(1,224
|
)
| |
(1,327
|
)
| |
(2,022
|
)
|
|
Less: Income/(Loss) attributable to non-controlling interests
| | |
1
|
| |
4
|
| |
2
|
| |
4
|
| |
(7
|
)
|
|
After-tax results
| | |
$
|
1,833
|
| |
$
|
1,630
|
| |
$
|
3,475
|
| |
$
|
2,649
|
| |
$
|
6,593
|
|
| |
| | |
| | |
| | |
| | | | | | | | | |
|
TOTAL COMPANY | | | | | | | | | | |
SPECIAL ITEMS | | | | | | | | | Memo: |
| |
|
| Second Quarter | | First Half | | Full Year |
| | | | 2013 |
| 2014 | | 2013 | | 2014 | | 2013 |
| | | |
(Mils.)
| |
(Mils.)
| |
(Mils.)
| |
(Mils.)
| |
(Mils.)
|
| Personnel-Related Items | | | | | | | | | | | | | | | | |
|
Separation-related actions*
| | |
$
|
(442
|
)
| |
$
|
(152
|
)
| |
$
|
(450
|
)
| |
$
|
(274
|
)
| |
$
|
(856
|
)
|
| | | | | | | | | | | | | | | | |
|
| Other Items | | | | | | | | | | | | | | | | |
|
Ford Sollers equity impairment
| | |
—
| | |
(329
|
)
| |
—
| | |
(329
|
)
| |
—
| |
|
U.S. pension lump-sum program
| | |
(294
|
)
| |
—
| | |
(294
|
)
| |
—
| | |
(594
|
)
|
|
FCTA - subsidiary liquidation
| | |
—
| | |
—
| | |
—
| | |
—
| | |
(103
|
)
|
|
Ford Romania consolidation loss
| | |
—
| | |
—
| | |
(15
|
)
| |
—
| | |
(15
|
)
|
|
Other
| | |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
|
|
Total other items
| | |
(294
|
)
| |
(329
|
)
| |
(309
|
)
| |
(329
|
)
| |
(712
|
)
|
| | | | | | | | | | | | | | | | |
|
|
Total special items
| | |
$
|
(736
|
)
| |
$
|
(481
|
)
| |
$
|
(759
|
)
| |
$
|
(603
|
)
| |
$
|
(1,568
|
)
|
| | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | |
|
*
|
Primarily related to separation costs for personnel at the Genk and
U.K. facilities
|
| | |
| | |
| | |
| | | | | | | |
|
AUTOMOTIVE SECTOR | | | | | | | | |
OPERATING-RELATED CASH FLOWS RECONCILIATION TO GAAP | | | | | | | Memo: |
| |
|
| Second Quarter | | First Half | | Full Year |
| | | | 2013 |
| 2014 | | 2013 | | 2014 | | 2013 |
| | | |
(Bils.)
| |
(Bils.)
| |
(Bils.)
| |
(Bils.)
| |
(Bils.)
|
| | | | | | | | | | | | | | | | |
|
|
Net cash provided by/(used in) operating activities (GAAP)
| | |
$
|
3.7
| | |
$
|
4.1
| | |
$
|
4.4
| | |
$
|
6.1
| | |
$
|
7.7
| |
| | | | | | | | | | | | | | | | |
|
|
Items included in operating-related cash flows
| | | | | | | | | | | | | | | | |
|
Capital spending
| | |
(1.6
|
)
| |
(1.9
|
)
| |
(3.1
|
)
| |
(3.4
|
)
| |
(6.6
|
)
|
|
Proceeds from the exercise of stock options
| | |
0.2
| | |
—
| | |
0.2
| | |
0.1
| | |
0.3
| |
|
Net cash flows from non-designated derivatives
| | |
—
| | |
0.1
| | |
(0.2
|
)
| |
0.1
| | |
(0.3
|
)
|
| | | | | | | | | | | | | | | | |
|
|
Items not included in operating-related cash flows
| | | | | | | | | | | | | | | | |
|
Separation payments
| | |
—
| | |
0.1
| | |
0.1
| | |
0.1
| | |
0.3
| |
|
Funded pension contributions
| | |
1.0
| | |
0.3
| | |
2.8
| | |
0.8
| | |
5.0
| |
|
Tax refunds, tax payments and tax receipts from affiliates
| | |
—
| | |
—
| | |
(0.3
|
)
| |
(0.2
|
)
| |
(0.3
|
)
|
|
Other
| | |
—
|
| |
(0.1
|
)
| |
0.1
|
| |
0.2
|
| |
—
|
|
|
Operating-related cash flows
| | |
$
|
3.3
|
| |
$
|
2.6
|
| |
$
|
4.0
|
| |
$
|
3.8
|
| |
$
|
6.1
|
|
| | | | | | | | | | | | | | | | | | | | | |
|
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Contacts:
Ford Motor Company
Media:
Whitney
Eichinger
1.313.390.5565
weiching@ford.com
Equity
Investment Community:
Erik Eliason
1.313.594.0613
fordir@ford.com
Fixed
Income Investment Community:
Steve Dahle
1.313.845.4490
fixedinc@ford.com
Shareholder
Inquiries:
1.313.845.8540
stockinf@ford.com
Source: Ford Motor Company
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