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 October 2, 2001
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(Date of earliest event reported)
FORD MOTOR COMPANY
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
1-3950 38-0549190
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(Commission File Number) (IRS Employer Identification No.)
One American Road, Dearborn, Michigan 48126
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 313-322-3000
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Item 5. Other Events.
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Our news release dated October 2, 2001 concerning U.S. retail sales of Ford
vehicles in September 2001, filed as Exhibit 20 to this report, is incorporated
by reference herein.
The U.S. economy continues to be volatile and there is a great deal of
uncertainty right now. In this more challenging and very uncertain environment,
planning is difficult. Earlier this month, we cut our third quarter 2001
production by about 120,000 units because of transportation disruptions and the
more uncertain outlook. On September 17, we introduced a 0.0% financing program
to jumpstart sales. While we are pleased that our 0.0% financing program in the
U.S. helped sales improve in the second half of September, this program is very
expensive.
We now see our third quarter 2001 U.S. marketing costs as a percent of
revenue coming in about 10% higher than our previous estimate of 14.5%. Also,
Hertz is experiencing significantly lower volume as both business and personal
travel have been sharply curtailed. As a result of the higher U.S. marketing
costs and lower earnings at Hertz, we now expect our third quarter loss will be
greater than the present analysts' consensus estimate for the third quarter.
In addition, given current and expected market conditions for U.S. vehicle
sales for the remainder of the year, the third quarter production cuts will not
be made up in the fourth quarter of this year. As a result of this, the higher
marketing costs we're incurring and the lower volume Hertz is experiencing, our
full-year earnings will fall short of our previous forecast of 70 cents a share
before one-time items.
Finally, if U.S. vehicle sales for the remainder of the year decline
further, then additional production cuts in the fourth quarter of 2001 would be
likely. We will continue to monitor vehicle demand carefully over the coming
months.
We will provide additional details, including an update to our fourth
quarter production plans when we announce our third quarter financial results on
October 17, 2001.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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EXHIBITS
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Designation Description Method of Filing
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Exhibit 20 News Release dated
October 2, 2001 Filed with this Report
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SIGNATURE
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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
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(Registrant)
Date: October 2, 2001 By: /s/Kathryn S. Lamping
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Kathryn S. Lamping
Assistant Secretary
EXHIBIT INDEX
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Designation Description
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Exhibit 20 News Release dated October 2, 2001