Form 8-K FORD MOTOR CO For: Jul 25

July 25, 2018 4:24 PM

UNITED STATES

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: July 25, 2018

(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.)

One American Road, Dearborn, Michigan	48126
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code 313-322-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

(17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

(17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition.

Ford Motor Company (“Ford” or “Company”) hereby incorporates by reference its news release dated July 25, 2018, which is furnished as Exhibit 99.1 hereto.

Beginning at 5:30 p.m. on July 25, 2018, Ford President and Chief Executive Officer Jim Hackett, Executive Vice President and Chief Financial Officer Bob Shanks, and members of Ford’s senior management will host a conference call to discuss Ford’s second quarter 2018 financial results. Investors may access the presentation by dialing 1-877-870-8664 (or 1-970-297-2423 from outside the United States). The passcode for the call is a verbal response of “Ford Earnings.”

The presentation and supporting materials are available at www.shareholder.ford.com. Representatives of the investment community and news media will have the opportunity to ask questions on the call.

Investors also may access replays of the presentation beginning after 9:30 p.m. the day of the event through August 2, 2018 by dialing 1-855-859-2056 (or 1-404-537-3406 from outside the United States). The passcode for replays is 95413412.

All times referenced above are in Eastern Daylight Time.

Item 7.01. Regulation FD Disclosure.

Ford’s presentation materials dated July 25, 2018 are furnished as Exhibit 99.2 to this Report and incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

EXHIBITS*



Designation	Description	Method of Filing

Exhibit 99.1	News release dated July 25, 2018	Furnished with this Report

Exhibit 99.2	Presentation materials dated July 25, 2018	Furnished with this Report

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 hereunto duly authorized.



		FORD MOTOR COMPANY
		(Registrant)

Date: July 25, 2018	By:	/s/ Corey M. MacGillivray
		Corey M. MacGillivray
		Assistant Secretary



*		Any reference in the attached exhibit(s) to Ford’s corporate website(s) and/or other social media sites or platforms, and the contents thereof, is provided for convenience only; such websites or platforms and the contents thereof are not incorporated by reference into this Report nor deemed filed with the Securities and Exchange Commission.

Ford Delivers Second Quarter $1.1B Net Income, $1.7B Adj. EBIT; North America Building Momentum; Restructuring Opportunities Identified Globally • North America remains strong with F-Series sales on record-setting pace • Company redesigning global business model to enhance competitiveness and improve returns; potential restructuring-related EBIT charges of $11 billion, with cash-related effects of $7 billion, over the next three to five years • 2018 Guidance: Adj. EPS of $1.30 - $1.50, revised due to Asia Pacific and Europe • Ford will reschedule September investor meeting when more specifics can be shared on global redesign and restructuring 2018 SECOND QUARTER FINANCIAL RESULTS* Net Company Cash Flows Company Company Adjusted Income Adj. EBIT from Op. Adj. Op. Revenue Net Income Adj. EBIT EPS EPS Margin Margin Activities Cash Flow (GAAP) (GAAP) (Non-GAAP) (GAAP) (Non-GAAP) (GAAP) (Non-GAAP) (GAAP) (Non-GAAP) 2Q 2018 $38.9B $1.1B $1.7B $0.27 $0.27 2.7% 4.3% $5.0B $(1.8)B B/(W) 2Q 2017 $(1.0)B $(0.9)B $(1.1)B $(0.24) $(0.29) (2.4) ppts (2.7) ppts $(0.7)B $(3.1)B DEARBORN, Mich., July 25, 2018 – Ford Motor Company today released its second quarter 2018 financial results. Company revenue, net income and Company adjusted EBIT were all down year over year mainly due to factors related to a North American production disruption at a parts supplier in the quarter, as well as ongoing challenges in the China market. “This quarter we achieved solid results in North America, offset in part by unexpected challenges with our overseas operations and headwinds in the business environment,” said Jim Hackett, president and CEO. “Despite this, our fitness actions continue to take hold and we’re clearly committed to redesigning and restructuring the underperforming parts of our business.” Ford continues to be focused on redesigning business models by reallocating capital to opportunities with higher returns, restructuring and leveraging strategic partnerships. New this quarter, the company announced that these activities could have potential EBIT charges of $11 billion, with cash-related effects of $7 billion, over the next three to five years. “The team is making the hard decisions to raise the returns of underperforming assets where we can via fitness and alternative business models, and we will disposition the rest,” said Bob Shanks, executive vice president and CFO. “This type of profound redesign will take time, and we will communicate as decisions are made, such as exiting traditional sedan silhouettes in North America.” The North America business remains strong, with F-Series sales topping 236,000 units in the second quarter and on a record-setting pace through the first six months of the year. While production in the quarter was impacted by a fire at Meridian Magnesium Products of America, the Ford team worked swiftly with its partners to deploy creative solutions to restart impacted operations in just eight days to help restore supply. On Tuesday, the company announced the creation of Ford Autonomous Vehicles LLC which will include Ford’s self-driving systems integration, autonomous vehicle research and advanced engineering, AV transportation-as-a-service network development, user experience, business strategy and business development teams. Outside of North America, it was a particularly challenging quarter for Asia Pacific and Europe. And due to those regions Ford is now lowering the range for full year 2018 adjusted earnings per share guidance, now guiding to an adjusted EPS of $1.30 - $1.50. In Asia Pacific, the company is focused on China and taking urgent action to address underperformance. This includes improving cost competitiveness with aggressive fitness actions, localizing more product in China, as well as recruiting more local talent to key management positions. New products will also soon be entering the market, with 60 percent of the line-up being refreshed or new by the end of 2019. Ford Motor Company 2Q July 25, 2018 * See endnote on page 4.

In Europe, Ford is aggressively attacking costs, driving improved capital efficiencies across the business, while allocating capital to the segments and products that can generate appropriate returns. Ford remains the light commercial vehicle leader in the region and Ranger remains the number one selling pickup. The company’s future capital allocation plans will build on these strengths. As a result of these ongoing efforts, the company is postponing its investor meeting, previously scheduled for September, and will reschedule when more specifics can be shared on global redesign and restructuring. AUTOMOTIVE SEGMENT RESULTS Wholesales Revenue Market Share EBIT EBIT Margin 2Q 2018 1,493K $35.9B 6.7% $1.2B 3.2% B/(W) 2Q 2017 (158)K $(1.2)B (0.6) ppts $(1.2)B (3.3) ppts Market EBIT Wholesales Revenue EBIT North America Share Margin ƒ North America market share lower due to U.S. rental and other fleet 2Q 2018 742K $23.7B 14.1% $1.8B 7.4% ƒ NA EBIT down $579M YoY due to Meridian fire B/(W) (65)K $(0.8)B (0.3) ppts $(0.6)B (2.1) ppts ƒ EBIT margin excluding Meridian, Takata settlement and 2Q 2017 Pivotal IPO at 9.9 percent ƒ Actively driving performance on leading high-margin products and seeing positive effects on mix ƒ 2018: Still expect strong results, but lower EBIT than 2017 South America ƒ EBIT about flat year over year 2Q 2018 96K $1.5B 8.6% $(178)M (12.2)% ƒ Volume up due to industry growth B/(W) ƒ Positive market factors offset the adverse impact of 3K $ - B (0.5) ppts $(1)M (0.1) ppts exchange, commodities and other inflationary costs 2Q 2017 ƒ 2018: Still expect improved EBIT from 2017 Europe ƒ Top-line metrics mixed year over year; EBIT down due to higher cost, primarily regulatory related, and 2Q 2018 367K $7.6B 7.0% $(73)M (1.0)% unfavorable exchange B/(W) (8)K $0.5B (0.2) ppts $(195)M (2.7) ppts ƒ Favorable market factors more than explained by 2Q 2017 net pricing due to impact of refreshed products and industry pricing ƒ 2018: Now expect an EBIT loss for the year Middle East & Africa ƒ Top-line metrics mixed year over year; financial metrics improved 2Q 2018 27K $0.8B 2.5% $49M 6.6% ƒ EBIT at $49M – a second quarter record B/(W) 3K $0.2B (0.9) ppts $98M 15.6 ppts ƒ Increase in volume due to favorable dealer stock 2Q 2017 changes; revenue up 35% ƒ 2018: Still expect improvement from 2017, EBIT about breakeven Asia Pacific ƒ All metrics down YoY except SAAR; China the key driver 2Q 2018 261K $2.3B 2.7% $(394)M (16.4)% ƒ Key metrics for China joint ventures down substantially B/(W) (91)K $(1.1)B (1.0) ppts $(561)M (21.2) ppts with China JV net equity income about breakeven 2Q 2017 ƒ Decline in China JV net equity income due to unfavorable volume and mix and lower net pricing ƒ 2018: Now expect a significant EBIT loss 2 Ford Motor Company 2Q July 25, 2018

Mobility Segment Results ƒ Mobility EBIT reflects increased investment in mobility EBIT services and AV development 2Q 2018 $(181)M ƒ 2018: Still expect increased investment from 2017 B/(W) 2Q 2017 $(118)M Ford Credit Segment Results ƒ Strong quarterly EBT EBT ƒ Global receivables growth and favorable lease residual performance 2Q 2018 $645M ƒ Strong credit loss metrics B/(W) 2Q 2017 $26M ƒ 2018: Now expect EBT higher than 2017 CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS 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 our 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: • Ford’s long-term competitiveness depends on the successful execution of fitness actions; • Industry sales volume, particularly in the United States, Europe, or China, could decline if there is a financial crisis, recession, or significant geopolitical event; • Ford’s new and existing products and mobility services are subject to market acceptance; • Ford’s results are dependent on sales of larger, more profitable vehicles, particularly in the United States; • Ford may face increased price competition resulting from industry excess capacity, currency fluctuations, or other factors; • Fluctuations in commodity prices, foreign currency exchange rates, and interest rates can have a significant effect on results; • With a global footprint, Ford’s results could be adversely affected by economic, geopolitical, protectionist trade policies, or other events; • Ford’s production, as well as Ford’s suppliers’ production, could be disrupted by labor disputes, natural or man-made disasters, financial distress, production difficulties, or other factors; • Ford’s ability to maintain a competitive cost structure could be affected by labor or other constraints; • Pension and other postretirement liabilities could adversely affect Ford’s liquidity and financial condition; • Economic and demographic experience for pension and other postretirement benefit plans (e.g., discount rates or investment returns) could be worse than Ford has assumed; • Ford’s vehicles could be affected by defects that result in delays in new model launches, recall campaigns, or increased warranty costs; • Safety, emissions, fuel economy, and other regulations affecting Ford may become more stringent; • Ford could experience unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, perceived environmental impacts, or otherwise; • Ford’s receipt of government incentives could be subject to reduction, termination, or clawback; • Operational systems, security systems, and vehicles could be affected by cyber incidents; • Ford Credit’s access to debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts could be affected by credit rating downgrades, market volatility, market disruption, regulatory requirements, or other factors; • Ford Credit could experience higher-than-expected credit losses, lower-than-anticipated residual values, or higher-than-expected return volumes for leased vehicles; • Ford Credit could face increased competition from banks, financial institutions, or other third parties seeking to increase their share of financing Ford vehicles; and • Ford Credit could be subject to new or increased credit regulations, consumer or data protection regulations, or other regulations. We 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. Our forward-looking statements speak only as of the date of their initial issuance, and we do 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 our Annual Report on Form 10-K for the year ended December 31, 2017, as updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 3 Ford Motor Company 2Q July 25, 2018

CONFERENCE CALL DETAILS Ford Motor Company [NYSE:F] and Ford Motor Credit Company release their 2018 second quarter financial results at 4:15 p.m. EDT today. Following the release, Jim Hackett, Ford president and chief executive officer, and Bob Shanks, Ford executive vice president and chief financial officer, and members of Ford’s senior management team will host a conference call at 5:30 p.m. EDT to discuss the results. The presentation and supporting materials are available at www.shareholder.ford.com. Representatives of the investment community and the news media will have the opportunity to ask questions on the call. Access Information – Wednesday, July 25, 2018 Ford Earnings Call: 5:30 p.m. EDT Toll-Free: 1.877.870.8664 International: 1.970.297.2423 Passcode: Ford Earnings Web: www.shareholder.ford.com REPLAY (Available after 9:30 p.m. EDT the day of the event through Aug. 2, 2018) Web: www.shareholder.ford.com Toll-Free: 1.855.859.2056 International: 1.404.537.3406 Replay Passcode: 95413412 About Ford Motor Company Ford Motor Company is a global company based in Dearborn, Michigan. The company designs, manufactures, markets and services a full line of Ford cars, trucks, SUVs, electrified vehicles and Lincoln luxury vehicles, provides financial services through Ford Motor Credit Company and is pursuing leadership positions in electrification, autonomous vehicles and mobility solutions. Ford employs approximately 202,000 people worldwide. For more information regarding Ford, its products and Ford Motor Credit Company, please visit www.corporate.ford.com. * The following applies to the information throughout this release: ƒ See tables later in this release for the nature and amount of special items, and reconciliations of the non-GAAP financial measures designated as “adjusted” to the most comparable financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). ƒ Wholesale unit sales and production volumes include Ford brand and Jiangling Motors Corporation (“JMC”) brand vehicles produced and sold in China by our unconsolidated affiliates; revenue does not include these sales. See materials supporting the July 25, 2018 conference call at www.shareholder.ford.com for further discussion of wholesale unit volumes. 4 Ford Motor Company 2Q July 25, 2018

CONSOLIDATED INCOME STATEMENT FORD MOTOR COMPANY AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENT (in millions, except per share amounts) For the periods ended June 30, 2017 2018 2017 2018 Second Quarter First Half (unaudited) Revenues Automotive $ 37,113 $ 35,905 $ 73,588 $ 74,917 Ford Credit 2,738 3,009 5,407 5,952 Mobility 2 6 4 10 Total revenues 39,853 38,920 78,999 80,879 Costs and expenses Cost of sales 33,342 33,194 66,042 68,947 Selling, administrative, and other expenses 2,756 2,778 5,520 5,525 Ford Credit interest, operating, and other expenses 2,203 2,362 4,421 4,700 Total costs and expenses 38,301 38,334 75,983 79,172 Interest expense on Automotive debt 277 287 556 562 Interest expense on Other debt 14 14 28 28 Other income/(loss), net 732 1,004 1,466 1,867 Equity in net income of affiliated companies 273 60 619 284 Income before income taxes 2,266 1,349 4,517 3,268 Provision for/(Benefit from) income taxes 211 280 863 454 Net income 2,055 1,069 3,654 2,814 Less: Income/(Loss) attributable to noncontrolling interests 8 3 15 12 Net income attributable to Ford Motor Company $ 2,047 $ 1,066 $ 3,639 $ 2,802 EARNINGS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK Basic income $ 0.51 $ 0.27 $ 0.92 $ 0.70 Diluted income 0.51 0.27 0.91 0.70 Cash dividends declared 0.15 0.15 0.35 0.43 5 Ford Motor Company 2Q July 25, 2018

CONSOLIDATED BALANCE SHEET FORD MOTOR COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (in millions) December 31, June 30, 2017 2018 (unaudited) ASSETS Cash and cash equivalents $ 18,492 $ 16,828 Marketable securities 20,435 19,648 Ford Credit finance receivables, net 52,210 51,354 Trade and other receivables, less allowances of $392 and $395 10,599 11,026 Inventories (Note 10) 11,176 12,565 Other assets 3,889 3,604 Total current assets 116,801 115,025 Ford Credit finance receivables, net 56,182 56,351 Net investment in operating leases 28,235 29,365 Net property 35,327 35,580 Equity in net assets of affiliated companies 3,085 3,087 Deferred income taxes 10,762 10,371 Other assets 8,104 8,300 Total assets $ 258,496 $ 258,079 LIABILITIES Payables $ 23,282 $ 22,743 Other liabilities and deferred revenue 19,697 21,234 Automotive debt payable within one year 3,356 3,968 Ford Credit debt payable within one year 48,265 46,916 Total current liabilities 94,600 94,861 Other liabilities and deferred revenue 24,711 24,107 Automotive long-term debt 12,575 11,642 Ford Credit long-term debt 89,492 89,718 Other long-term debt 599 599 Deferred income taxes 815 584 Total liabilities 222,792 221,511 Redeemable noncontrolling interest 98 99 EQUITY Common Stock, par value $.01 per share (3,999 million shares issued of 6 billion authorized) 40 40 Class B Stock, par value $.01 per share (71 million shares issued of 530 million authorized) 1 1 Capital in excess of par value of stock 21,843 21,953 Retained earnings 21,906 22,993 Accumulated other comprehensive income/(loss) (6,959 ) (7,204 ) Treasury stock (1,253 ) (1,342 ) Total equity attributable to Ford Motor Company 35,578 36,441 Equity attributable to noncontrolling interests 28 28 Total equity 35,606 36,469 Total liabilities and equity $ 258,496 $ 258,079 6 Ford Motor Company 2Q July 25, 2018

CONSOLIDATED STATEMENT OF CASH FLOWS FORD MOTOR COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (in millions) For the periods ended June 30, 2017 2018 First Half (unaudited) Cash flows from operating activities Net cash provided by/(used in) operating activities $ 9,951 $ 8,486 Cash flows from investing activities Capital spending (3,264 ) (3,688 ) Acquisitions of finance receivables and operating leases (27,379 ) (32,273 ) Collections of finance receivables and operating leases 21,636 25,980 Purchases of marketable and other securities (16,931 ) (11,7255) Sales and maturities of marketable and other securities 16,906 12,756 Settlements of derivatives 154 109 Other 16 (181 ) Net cash provided by/(used in) investing activities (8,862 ) (9,022 ) Cash flows from financing activities Cash dividends (1,392 ) (1,711 ) Purchases of common stock (131 ) (89 ) Net changes in short-term debt 72 (1,735 ) Proceeds from issuance of long-term debt 20,467 28,135 Principal payments on long-term debt (19,952 ) (25,299 ) Other (102 ) (93 ) Net cash provided by/(used in) financing activities (1,038 ) (792 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 267 (289 ) Net increase/(decrease) in cash, cash equivalents, and restricted cash $ 318 $ (1,617 ) Cash, cash equivalents, and restricted cash at January 1 $ 16,019 $ 18,638 Net increase/(decrease) in cash, cash equivalents, and restricted cash 318 (1,617 ) Cash, cash equivalents, and restricted cash at June 30 $ 16,337 $ 17,021 7 Ford Motor Company 2Q July 25, 2018

SUPPLEMENTAL FINANCIAL INFORMATION The tables below provide supplemental consolidating financial information. Company excluding Ford Credit includes our Automotive and Mobility reportable segments, Corporate Other, Interest on Debt, and Special Items. Eliminations, where presented, primarily represent eliminations of intersegment transactions and deferred tax netting. Selected Income Statement Information. The following table provides supplemental income statement information (in millions): For the period ended June 30, 2018 Second Quarter Company excluding Ford Credit Automotive Mobility Other (a) Subtotal Ford Credit Consolidated Revenues $ 35,905 $ 6 $ — $ 35,911 $ 3,009 $ 38,920 Total costs and expenses 35,569 187 216 35,972 2,362 38,334 Interest expense on Automotive debt — — 287 287 — 287 Interest expense on Other debt — — 14 14 — 14 Other income/(loss), net 767 — 245 1,012 (8 ) 1,004 Equity in net income of affiliated companies 54 — — 54 6 60 Income/(loss) before income taxes 1,157 (181 ) (272 ) 704 645 1,349 Provision for/(Benefit from) income taxes 221 (43 ) (64) 114 166 280 Net income/(Loss) 936 (138 ) (208 ) 590 479 1,069 Less: Income/(Loss) attributable to noncontrolling interests 3 — — 3 — 3 Net income/(Loss) attributable to Ford Motor Company $ 933 $ (138 ) $ (208 ) $ 587 $ 479 $ 1,066 (a) Other includes Corporate Other, Interest on Debt, and Special Items For the period ended June 30, 2018 First Half Company excluding Ford Credit Automotive Mobility Other (a) Subtotal Ford Credit Consolidated Revenues $ 74,917 $ 10 $ — $ 74,927 $ 5,952 $ 80,879 Total costs and expenses 73,715 351 406 74,472 4,700 79,172 Interest expense on Automotive debt — — 562 562 — 562 Interest expense on Other debt — — 28 28 — 28 Other income/(loss), net 1,415 58 372 1,845 22 1,867 Equity in net income of affiliated companies 272 — — 272 12 284 Income/(loss) before income taxes 2,889 (283 ) (624 ) 1,982 1,286 3,268 Provision for/(Benefit from) income taxes 566 (68 ) (150 ) 348 106 454 Net income/(Loss) 2,323 (215 ) (474 ) 1,634 1,180 2,814 Less: Income/(Loss) attributable to noncontrolling interests 12 — — 12 — 12 Net income/(Loss) attributable to Ford Motor Company $ 2,311 $ (215 ) $ (474 ) $ 1,622 $ 1,180 $ 2,802 (a) Other includes Corporate Other, Interest on Debt, and Special Items 8 Ford Motor Company 2Q July 25, 2018

SUPPLEMENTAL FINANCIAL INFORMATION Selected Balance Sheet Information. The following tables provide supplemental balance sheet information (in millions): June 30, 2018 Company excluding Assets Ford Credit Ford Credit Eliminations Consolidated Cash and cash equivalents $ 7,749 $ 9,079 $ — $ 16,828 Marketable securities 17,362 2,286 — 19,648 Ford Credit finance receivables, net — 51,354 — 51,354 Trade and other receivables, less allowances 3,674 7,352 — 11,026 Inventories 12,565 — — 12,565 Other assets 2,485 1,119 — 3,604 Receivable from other segments 629 1,689 (2,318 ) — Total current assets 44,464 72,879 (2,318 ) 115,025 Ford Credit finance receivables, net — 56,351 — 56,351 Net investment in operating leases 2,051 27,314 — 29,365 Net property 35,398 182 — 35,580 Equity in net assets of affiliated companies 2,963 124 — 3,087 Deferred income taxes 12,094 224 (1,947 ) 10,371 Other assets 6,804 1,496 — 8,300 Receivable from other segments 2 34 (36) — Total assets $ 103,776 $ 158,604 $ (4,301 ) $ 258,079 Company excluding Liabilities Ford Credit Ford Credit Eliminations Consolidated Payables $ 21,579 $ 1,164 $ — $ 22,743 Other liabilities and deferred revenue 19,579 1,655 — 21,234 Automotive debt payable within one year 3,968 — — 3,968 Ford Credit debt payable within one year — 46,916 — 46,916 Payable to other segments 2,318 — (2,318 ) — Total current liabilities 47,444 49,735 (2,318 ) 94,861 Other liabilities and deferred revenue 22,710 1,397 — 24,107 Automotive long-term debt 11,642 — — 11,642 Ford Credit long-term debt — 89,718 — 89,718 Other long-term debt 599 — — 599 Deferred income taxes 126 2,405 (1,947 ) 584 Payable to other segments 36 — (36) — Total liabilities $ 82,557 $ 143,255 $ (4,301 ) $ 221,511 9 Ford Motor Company 2Q July 25, 2018

SUPPLEMENTAL FINANCIAL INFORMATION Selected Cash Flow Information. The following tables provide supplemental cash flow information (in millions): For the period ended June 30, 2018 First Half Company excluding Cash flows from operating activities Ford Credit Ford Credit Eliminations Consolidated Net cash provided by/(used in) operating activities $ 2,894 $ 5,592 $ — $ 8,486 Company excluding Cash flows from investing activities Ford Credit Ford Credit Eliminations Consolidated Capital spending $ (3,667 ) $ (21) $ — $ (3,688 ) Acquisitions of finance receivables and operating leases — (32,273 ) — (32,273 ) Collections of finance receivables and operating leases — 25,980 — 25,980 Purchases of marketable and other securities (8,904 ) (2,821 ) — (11,725 ) Sales and maturities of marketable and other securities 9,388 3,368 — 12,756 Settlements of derivatives (47) 156 — 109 Other (180 ) (1 ) — (181 ) Investing activity (to)/from other segments 1,477 154 (1,631 ) — Net cash provided by/(used in) investing activities $ (1,933 ) $ (5,458 ) $ (1,631 ) $ (9,022 ) Company excluding Cash flows from financing activities Ford Credit Ford Credit Eliminations Consolidated Cash dividends $ (1,711 ) $ — $ — $ (1,711 ) Purchases of common stock (89) — — (89) Net changes in short-term debt 343 (2,078 ) — (1,735 ) Proceeds from issuance of long-term debt 176 27,959 — 28,135 Principal payments on long-term debt (507 ) (24,792 ) — (25,299 ) Other (42) (51 ) — (93) Financing activity to/(from) other segments (154 ) (1,477 ) 1,631 — Net cash provided by/(used in) financing activities $ (1,984 ) $ (439 ) $ 1,631 $ (792 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash $ (137 ) $ (152 ) $ — $ (289 ) 10 Ford Motor Company 2Q July 25, 2018

NON-GAAP FINANCIAL MEASURES THAT SUPPLEMENT GAAP MEASURES We use both generally accepted accounting principles (“GAAP”) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. The non-GAAP measures listed below are intended to be considered by users as supplemental information to their equivalent GAAP measures, to aid investors in better understanding our financial results. We believe that these non-GAAP measures provide useful perspective on underlying business results and trends, and a means to assess our period-over-period results. These non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP measures may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. • Company Adjusted EBIT (Most Comparable GAAP Measure: Net income attributable to Ford) – Earnings before interest and taxes (EBIT) includes non-controlling interests and excludes interest on debt (excl. Ford Credit Debt), taxes, and pre-tax special items. This non-GAAP measure is useful to management and investors because it allows users to evaluate our operating results aligned with industry reporting. Pre-tax special items consist of (i) pension and OPEB remeasurement gains and losses, (ii) significant restructuring actions related to our efforts to match production capacity and cost structure to market demand and changing model mix, and (iii) other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities. When we provide guidance for adjusted EBIT, we do not provide guidance on a net income basis because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including pension and OPEB remeasurement gains and losses. • Company Adjusted EBIT Margin (Most Comparable GAAP Measure: Company Net Income Margin) – Company Adjusted EBIT margin is Company adjusted EBIT divided by Company revenue. This non-GAAP measure is useful to management and investors because it allows users to evaluate our operating results aligned with industry reporting. • Adjusted Earnings Per Share (Most Comparable GAAP Measure: Earnings Per Share) – Measure of Company’s diluted net earnings per share adjusted for impact of pre-tax special items (described above) and tax special items. The measure provides investors with useful information to evaluate performance of our business excluding items not indicative of the underlying run rate of our business. When we provide guidance for adjusted earnings per share, we do not provide guidance on an earnings per share basis because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including pension and OPEB remeasurement gains and losses. • Adjusted Effective Tax Rate (Most Comparable GAAP Measure: Effective Tax Rate) – Measure of Company’s tax rate excluding pre-tax special items (described above) and tax special items. The measure provides an ongoing effective rate which investors find useful for historical comparisons and for forecasting. When we provide guidance for adjusted effective tax rate, we do not provide guidance on an effective tax rate basis because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including pension and OPEB remeasurement gains and losses. • Company Adjusted Operating Cash Flow (Most Comparable GAAP Measure: Net Cash Provided By / (Used In) Operating Activities) – Measure of Company’s operating cash flow excluding Ford Credit’s operating cash flows. The measure contains elements management considers operating activities, including Automotive and Mobility capital spending, Ford Credit distributions to its parent, and settlement of derivatives. The measure excludes cash outflows for funded pension contributions, separation payments, and other items that are considered operating cash outflows under U.S. GAAP. This measure is useful to management and investors because it is consistent with management’s assessment of the Company’s operating cash flow performance. When we provide guidance for Company adjusted operating cash flow, we do not provide guidance for net cash provided by/(used in) operating activities because the GAAP measure will include items that are difficult to quantify or predict with reasonable certainty, including cash flows related to the Company's exposures to foreign currency exchange rates and certain commodity prices (separate from any related hedges), Ford Credit's operating cash flows, and cash flows related to special items, including separation payments, each of which individually or in the aggregate could have a significant impact to our net cash provided by/(used in) our operating activities. 11 Ford Motor Company 2Q July 25, 2018

COMPANY NET INCOME RECONCILIATION TO ADJUSTED EBIT (MILS) 2Q YTD Memo: 2017 2018 2017 2018 FY 2017 Net income / (Loss) attributable to Ford (GAAP) $ 2,047 $ 1,066 $ 3,639 $ 2,802 $ 7,731 Income / (Loss) attributable to non-controlling interests 8 3 15 12 26 Net income / (Loss)$ 2,055 $ 1,069 $ 3,654 $ 2,814 $ 7,757 Less: (Provision for) / Benefit from income taxes (211) (280) (863) (454) (402) Income / (Loss) before income taxes$ 2,266 $ 1,349 $ 4,517 $ 3,268 $ 8,159 Less: Special items pre-tax (248) (42) (224) (19) (289) Income / (Loss) before special items pre-tax$ 2,514 $ 1,391 $ 4,741 $ 3,287 $ 8,448 Less: Interest on debt (291) (301) (584) (590) (1,190) Adjusted EBIT (Non-GAAP)$ 2,805 $ 1,692 $ 5,325 $ 3,877 $ 9,638 Memo: Revenue (Bils)$ 39.9 $ 38.9 $ 79.0 $ 80.9 $ 156.8 Net income margin (GAAP) (Pct) 5.1% 2.7% 4.6% 3.5% 4.9% Adjusted EBIT margin (Non-GAAP) (Pct) 7.0% 4.3% 6.7% 4.8% 6.1% COMPANY EARNINGS PER SHARE RECONCILIATION TO ADJUSTED EARNINGS PER SHARE 2Q YTD 2017 2018 2017 2018 Diluted After-Tax Results (Mils) Diluted after-tax results (GAAP) $ 2,047 $ 1,066 $ 3,639 $ 2,802 Less: Impact of pre-tax and tax special items (202) (33) (193) (14) Adjusted net income – diluted (Non-GAAP) $ 2,249 $ 1,099 $ 3,832 $ 2,816 Basic and Diluted Shares (Mils) Basic shares (average shares outstanding) 3,977 3,977 3,977 3,976 Net dilutive options and unvested restricted stock units 19 22 21 23 Diluted shares 3,996 3,999 3,998 3,998 Earnings per share – diluted (GAAP) $ 0.51 $ 0.27 $ 0.91 $ 0.70 Less: Net impact of adjustments (0.05) - (0.05) - Adjusted earnings per share – diluted (Non-GAAP) $ 0.56 $ 0.27 $ 0.96 $ 0.70 12 Ford Motor Company 2Q July 25, 2018

COMPANY EFFECTIVE TAX RATE RECONCILIATION TO ADJUSTED EFFECTIVE TAX RATE 2018 Memo: 2Q YTD FY 2017 Pre-Tax Results (Mils) Income / (Loss) before income taxes (GAAP) $ 1,349 $ 3,268 $ 8,159 Less: Impact of special items (42) (19) (289) Adjusted earnings before taxes (Non-GAAP)$ 1,391 $ 3,287 $ 8,448 Taxes (Mils) (Provision for) / Benefit from income taxes (GAAP) $ (280) $ (454) $ (402) Less: Impact of special items 9 5 897 Adjusted (provision for) / Benefit from income taxes (Non-GAAP) $ (289) $ (459) $ (1,299) Tax Rate (Pct) Effective tax rate (GAAP) 20.8% 13.9% 4.9% Adjusted effective tax rate (Non-GAAP) 20.8% 14.0% 15.4% COMPANY NET CASH PROVIDED BY / (USED IN) OPERATING ACTIVITIES RECONCILIATION TO COMPANY OPERATING CASH FLOW (MILS) 2Q YTD 2017 2018 2017 2018 Company net cash provided by / (used in) operating activities (GAAP)$ 5,615 $ 4,972 $ 9,951 $ 8,486 Less: Items Not Included in Company Adjusted Operating Cash Flows Ford Credit operating cash flows 3,152 5,907 4,264 5,592 Funded pension contributions (220) (72) (456) (160) Separation payments (31) (18) (59) (34) Other (10) (112) (65) (59) Add: Items Included in Company Adjusted Operating Cash Flows Automotive and Mobility capital spending (1,546) (1,898) (3,242) (3,667) Ford Credit distributions - 450 28 1,463 Settlement of derivatives 66 114 200 (47) Pivotal conversion to a marketable security - 263 - 263 Company adjusted operating cash flow (Non-GAAP)$ 1,244 $ (1,804) $ 3,253 $ 1,159 13 Ford Motor Company 2Q July 25, 2018

COMPANY 2018 NET INCOME RECONCILIATION TO ADJUSTED EBIT (MILS) 2018 1Q 2Q Net income / (Loss) attributable to Ford (GAAP) $ 1,736 $ 1,066 Income / (Loss) attributable to non-controlling interests 9 3 Net income / (Loss)$ 1,745 $ 1,069 Less: (Provision for) / Benefit from income taxes (174) (280) Income / (Loss) before income taxes$ 1,919 $ 1,349 Less: Special items pre-tax 23 (42) Income / (Loss) before special items pre-tax$ 1,896 $ 1,391 Less: Interest on debt (289) (301) Adjusted EBIT (Non-GAAP)$ 2,185 $ 1,692 Memo: Revenue (Bils) $ 42.0 $ 38.9 Net income margin (GAAP) (Pct) 5.2% 2.7% Adjusted EBIT margin (Non-GAAP) (Pct) 7.0% 4.3% Revenue excluding Meridian, Takata and Pivotal IPO (Bils)$ 42.0 $ 40.4 Adjusted EBIT excluding Meridian, Takata and Pivotal IPO (Mils) $ 2,185 $ 2,425 Adjusted EBIT Margin excluding Meridian, Takata and Pivotal IPO (Pct) 5.2% 6.0% Note: Meridian, Takata and Pivotal IPO collectively reduced revenue and EBIT in North America by $1.5 billion and $733 million, respectively, in the second quarter of 2018 COMPANY SPECIAL ITEMS (MILS) 2Q YTD Memo: 2017 2018 2017 2018 FY 2017 Pension and OPEB Gain / (Loss) Year end net pension and OPEB remeasurement loss $ - $ - $ - $ - $ (162) Other pension remeasurement gain - - - 26 - Pension curtailment gain - - - 15 354 Separation-Related Actions (7) (42) (29) (51) (297) Other Items San Luis Potosi plant cancellation 7 - 53 - 41 Next-generation Focus footprint change (248) - (248) (9) (225) Total pre-tax special items$ (248) $ (42) $ (224) $ (19) $ (289) Tax special items$ 46 $ 9 $ 31 $ 5 $ 897 Memo: Special items impact on earnings per share*$ (0.05) $ - $ (0.05) $ - $ 0.15 * Includes related tax effect on special items and tax special items 14 Ford Motor Company 2Q July 25, 2018

CONSOLIDATED INCOME STATEMENT – FORD CREDIT FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENT (in millions) For the periods ended June 30, 2017 2018 2017 2018 Second Quarter First Half (unaudited) Financing revenue Operating leases $ 1,381 $ 1,443 $ 2,747 $ 2,858 Retail financing 825 959 1,627 1,907 Dealer financing 476 569 927 1,105 Other 17 20 34 42 Total financing revenue 2,699 2,991 5,335 5,912 Depreciation on vehicles subject to operating leases (1,037 ) (963 ) (2,101 ) (1,991 ) Interest expense (769 ) (997 ) (1,498 ) (1,909 ) Net financing margin 893 1,031 1,736 2,012 Other revenue Insurance premiums earned 42 43 82 84 Fee based revenue and other 61 65 116 123 Total financing margin and other revenue 996 1,139 1,934 2,219 Expenses Operating expenses 302 357 606 702 Provision for credit losses 99 92 251 211 Insurance expenses 62 46 93 58 Total expenses 463 495 950 971 Other income, net 86 1 116 38 Income before income taxes 619 645 1,100 1,286 Provision for / (Benefit from) income taxes 173 166 321 106 Net income $ 446 $ 479 $ 779 $ 1,180 15 Ford Motor Company 2Q July 25, 2018

CONSOLIDATED BALANCE SHEET – FORD CREDIT FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (in millions) December 31, June 30, 2017 2018 (unaudited) ASSETS Cash and cash equivalents $ 9,558 $ 9,079 Marketable securities 2,881 2,286 Finance receivables, net 116,003 115,893 Net investment in operating leases 26,661 27,314 Notes and accounts receivable from affiliated companies 1,076 1,151 Derivative financial instruments 935 709 Other assets 3,329 3,179 Total assets $ 160,443 $ 159,611 LIABILITIES Accounts payable Customer deposits, dealer reserves, and other $ 1,171 $ 1,136 Affiliated companies 592 948 Total accounts payable 1,763 2,084 Debt 137,828 136,687 Deferred income taxes 2,386 2,352 Derivative financial instruments 310 856 Other liabilities and deferred income 2,272 2,282 Total liabilities 144,559 144,261 SHAREHOLDER’S INTEREST Shareholder’s interest 5,227 5,227 Accumulated other comprehensive income / (loss) (419 ) (670 ) Retained earnings 11,076 10,793 Total shareholder’s interest 15,884 15,350 Total liabilities and shareholder’s interest $ 160,443 $ 159,611 16 Ford Motor Company 2Q July 25, 2018

CONSOLIDATED STATEMENT OF CASH FLOWS – FORD CREDIT FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (in millions) For the periods ended June 30, 2017 2018 First Half (unaudited) Cash flows from operating activities Net cash provided by / (used in) operating activities $ 2,866 $ 2,986 Cash flows from investing activities Purchases of finance receivables (19,025 ) (22,494 ) Principal collections of finance receivables 17,809 21,659 Purchases of operating lease vehicles (6,720 ) (7,537 ) Proceeds from termination of operating lease vehicles 4,440 4,816 Net change in wholesale receivables and other short-duration receivables (857 ) (130 ) Purchases of marketable securities (3,351 ) (2,821 ) Proceeds from sales and maturities of marketable securities 3,336 3,368 Settlements of derivatives (46) 156 All other investing activities (25) 131 Net cash provided by / (used in) investing activities (4,439 ) (2,852 ) Cash flows from financing activities Proceeds from issuances of long-term debt 19,960 27,959 Principal payments on long-term debt (19,071 ) (24,792 ) Change in short-term debt, net (132 ) (2,093 ) Cash distributions to parent (28) (1,463 ) All other financing activities (53) (50) Net cash provided by / (used in) financing activities 676 (439 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 180 (152 ) Net increase / (decrease) in cash, cash equivalents and restricted cash $ (717) $ (457) Cash, cash equivalents and restricted cash at January 1 $ 8,185 $ 9,682 Net increase / (decrease) in cash, cash equivalents and restricted cash (717 ) (457 ) Cash, cash equivalents and restricted cash at June 30 $ 7,468 $ 9,225 17 Ford Motor Company 2Q July 25, 2018

2Q Earnings Review July 25, 2018

Smart Choices for Value Creation Our Freedom of movement drives human progress. Belief Our To become the world’s most trusted mobility company, Aspiration designing smart vehicles for a smart world. Passion for Product & Deep Customer Insight Our Plan Winning Propulsion Autonomous Mobility Portfolio Choices Technology Experiences Fitness Metrics Operating Leverage Growth Build, Partner, Buy EBIT Margin Capital Efficiency ROIC Strong Balance Sheet Cash Flow Our People Culture & Values 2

Winning Portfolio – Capital Focused on • Roadmap for potential High-Margin, High-Growth Businesses EBIT charges of $11B with ROIC (%) HIGHLY ACCRETIVE cash-related effects of $7B over + North Circle size = 2017 +/- EBIT (Bils) the next 3 to 5 years America 30% ~100% of − North America strong – Company accounts for essentially all 20% EBIT of Company EBIT; ROIC Asia well above cost of capital 10% Europe Pacific − Europe and Asia Pacific profitable with relatively - + EBIT weak margins; ROIC below Margin (15)% (10)% (5)% Mobility 5% 10% 15% cost of capital South (10)% America − South America – highly dilutive margin and ROIC (20)% MEA − MEA low performing, but with credible plan to (30)% HIGHLY DILUTIVE - generate appropriate returns Note: All references to EBIT and EBIT Margin are on an adjusted basis, include regional Ford Credit EBT and exclude Corporate Other 3

Smart Choices For Growth  Business model redesign – optimize product portfolio and geographic footprint: • Reallocation of capital to higher return opportunities Winning • Potential restructuring EBIT charges of $11 billion with cash-related effects of $7 billion over Portfolio the next 3 to 5 years • Strategic Partnerships – e.g., Memorandum of Understanding (MOU) with Volkswagen AG; exploring potential projects, including developing range of commercial vehicles together  Two new fuel-efficient taxis; hybrid and diesel versions give operators more choice, potential savings Propulsion  All-new Ford Police Interceptor Utility hybrid, industry’s first pursuit-rated hybrid SUV with Choices improved performance and lower operating costs  CO2 emissions – global commitment to the Paris Accord 2-degree stabilization glide path  New LLC, Ford Autonomous Vehicles LLC, consolidates capabilities into one entity Autonomous  Streamlines decision making; able to better capitalize on market opportunities Technology  Singular focus on commercial deployment of our AV business in 2021  Ford Smart Mobility LLC and Zotye sign MOU to establish a JV to provide smart, customized all-electric vehicle solutions in China’s fast-growing ride-hailing market Mobility  Letter of Intent with Baidu to jointly explore areas of cooperation in connectivity, artificial intelligence and digital marketing Experiences  Ford Commercial Solutions (FCS) introduced two new connected vehicle products to help fleets access data about their vehicles 4

Ford Autonomous Vehicles LLC • Singular focus on commercial deployment of AV business in 2021 MOVING PEOPLE SELF-DRIVING & GOODS SYSTEM • Brings together teams that have DISPATCH & been focused on AV over the ROUTING last 18 months DATA FROM VEHICLE − Includes majority stake in VEHICLE AV LLC INTEGRATION Argo AI Research & Engineering Transportation-as-a-service Platform • Flexibility to monetize Business Development & PARTNER API capabilities and investments in Go-to-Market Strategy PLATFORM IN VEHICLE User Experience Design the future SERVICES • By 2023 will invest $4B in AV DATA & ANALYTICS business, including previously announced $1B in Argo AI BUSINESS FLEET SERVICES MANAGEMENT • Headcount dedicated to AV development of 700 5

Execution On Value Creation • Fitness improving across portfolio – more benefits to come • Smart Choices and Business Model Redesign − North America – underlying trajectory supports 10% EBIT margin target − Europe and China performance – swiftly addressing misalignment of product mix, go-to-market capability and cost structure − Auto outside North America – sharpened focus on “Where to Play and How to Win”; requires business model redesign » Restructuring – potential EBIT charges of $11 billion with cash-related effects of $7 billion over the next 3 to 5 years » Actions will be disclosed at the appropriate time − Autonomous Technology – creation of standalone LLC next logical step; business model expansion on track • Targets − Full year 2018 adjusted EPS guidance updated to $1.30 to $1.50; lower guidance driven by Asia Pacific and Europe − Still targeting 8% adjusted EBIT margin and high-teens ROIC (excluding restructuring charges) by 2020, though erosion in Europe and China Expect Substantial Benefits From Smart Choices And Business Model Redesign 6

Bob Shanks Chief Financial Officer Financial Review

Company Key Metrics Summary • 2Q top line lower YoY due to lower volume, mainly Meridian fire SECOND QUARTER YEAR TO DATE disruption in NA and China 2017 2018 H / (L) 2017 2018 H / (L) performance Wholesales (000) 1,651 1,493 (10) % 3,354 3,155 (6) % • Net income at $1.1B, down $0.9B Market share (Pct) 7.3 % 6.7 % (0.6) ppts 7.2 % 6.6 % (0.6) ppts • Company adjusted EBIT at $1.7B, down $1.1B, driven by GAAP Meridian fire disruption and China Revenue (Bils) $ 39.9 $ 38.9 (2) % $ 79.0 $ 80.9 2 % Net Income (Bils) 2.0 1.1 $ (0.9) 3.6 2.8 $ (0.8) • Company adjusted EPS at $0.27, Net Income Margin (Pct) 5.1 % 2.7 % (2.4) ppts 4.6 % 3.5 % (1.1) ppts down $0.29; adjusted effective EPS (Diluted) $ 0.51 $ 0.27 $ (0.24) $ 0.91 $ 0.70 $ (0.21) tax rate of 21% Cash Flows From Op. Activities (Bils) 5.7 5.0 $ (0.7) 10.0 8.5 $ (1.5) • Company adjusted EBIT margin Non-GAAP at 4.3%, down 2.7 ppts; mainly AP, principally China, and NA Company Adj. EBIT* (Bils) $ 2.8 $ 1.7 $ (1.1) $ 5.3 $ 3.9 $ (1.4) Company Adj. EBIT Margin* (Pct) 7.0 % 4.3 % (2.7) ppts 6.7 % 4.8 % (1.9) ppts • Company adjusted operating Adjusted EPS* (Diluted) $ 0.56 $ 0.27 $ (0.29) $ 0.96 $ 0.70 $ (0.26) cash flow at negative $1.8B, Company Adj. Op. Cash Flow* (Bils) 1.3 (1.8) (3.1) 3.3 1.2 (2.1) $3.1B lower; primarily driven by ROIC (Trailing Four Qtrs) 10.9 % 8.7 % (2.2) ppts lower EBIT, working capital and * See Appendix for reconciliation to GAAP and definitions timing differences 8

Company Key Financial Metrics Company Revenue (Bils) Company Adjusted EBIT Margin (Pct) Excluding Meridian, Takata and Pivotal IPO 7.0% 6.3% $41.3 $42.0 6.0% $39.9 $40.4 4.9% 5.2% $36.5 $38.9 4.3% 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 Company Adjusted EBIT (Bils) Company Adjusted Operating Cash Flow (Bils) $3.0 $2.8 $2.2 $2.4 $1.3 $2.3 $2.2 $2.0 $(1.1) $1.7 $(1.3) $(1.8) 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 Note: See Appendix for reconciliation to GAAP and definitions Company Adjusted EBIT And EBIT Margin Improved QoQ Excluding $0.7B Net Loss Impact Of Meridian Disruption, Takata Settlement And Pivotal IPO 9

2Q 2018 Company Revenue YoY Bridge (Bils) • Company revenue down slightly • Lower volume driven primarily by Meridian disruption and China consolidated operations • Favorable mix primarily reflects market shift to SUVs and trucks in NA • Net pricing favorable in all regions except AP Net 2Q 2017 Volume Mix Pricing Exchange Other 2Q 2018 10

2Q 2018 Company Results (Mils) $1,692 • Auto and Ford Credit results $1,157 drove Company adjusted EBIT $1,066 $645 • Mobility results include strategic investments in autonomous vehicle development $71 • Corporate Other includes $(42) $(181) gains on marketable securities, $(283) $(301) including Pivotal Taxes / Auto Mobility Ford Credit Corporate Company Interest Special Non- Net Income • Taxes higher YoY; reflects Other Adj. EBIT* On Debt Controlling (GAAP) Items non-repeat of foreign tax credit B / (W) benefits 2Q 2017 $(1,238) $(118) $26 $217 $(1,113) $(10) $206 $(64) $(981) * See Appendix for reconciliation to GAAP and definitions 11

2Q 2018 Automotive EBIT By Region (Mils) $1,753 • Automotive EBIT driven by NA $1,157 • Operations outside NA at an EBIT loss in total, down $659M $(596) YoY, driven by AP (China) and Europe $49 • NA EBIT YoY decline caused $(73) $(178) by Meridian disruption $(394) • MEA delivers record 2Q EBIT North South Middle East Asia Automotive America America Europe & Africa Pacific B / (W) 2Q 2017 $(1,238) $(579) $(1) $(195) $98 $(561) 12

Automotive Key Metrics • All metrics down YoY except SECOND QUARTER YEAR TO DATE SAAR 2017 2018 H / (L) 2017 2018 H / (L) • 2Q global SAAR up 4%; all Global SAAR (Mils) 93.8 97.6 4 % 91.5 96.5 5 % regions higher with the largest increase in AP, mainly India Market Share (Pct) 7.3 % 6.7 % (0.6) ppts 7.2 % 6.6 % (0.6) ppts and China Wholesales (000) 1,651 1,493 (10) % 3,354 3,155 (6) % • Volume decline reflects Revenue (Bils) $ 37.1 $ 35.9 (3) % $ 73.6 $ 74.9 2 % primarily China and the EBIT (Mils) $ 2,395 $ 1,157 $(1,238) $ 4,570 $ 2,889 $(1,681) Meridian disruption in NA EBIT Margin (Pct) 6.5 % 3.2 % (3.3) ppts 6.2 % 3.9 % (2.3) ppts • Revenue lower due to volume declines in NA and AP Launched the iconic Mustang in Brazil 13

Automotive 2Q 2018 EBIT YoY Bridge (Mils) • EBIT down $1.2B YoY due to the Meridian disruption and Exchange $(284) China JVs (192) China Parts & Accessories 95 Other 98 • Positive pricing across all regions except AP Industry $ 276 Share (379) • Pressure from commodity cost Stocks (663) and exchange continued; YoY Mix 460 Material, Excl. Commodities $(254) Other (183) Commodities (280) impact of $564M Warranty (294) Freight (61) Structural Cost (87) • Increased warranty cost, primarily Takata settlement Volume / Net 2Q 2017 Mix Pricing Cost Other 2Q 2018 Market Factors $21 14

• 2Q NA and U.S. SAAR up 1% North America Key Metrics and 2% YoY, respectively SECOND QUARTER YEAR TO DATE • NA market share lower due to 2017 2018 H / (L) 2017 2018 H / (L) U.S. rental and other fleet SAAR (Mils) 21.2 21.4 1 % 21.3 21.5 1 % • Lower wholesale volume mainly driven by Meridian disruption, U.S. 17.2 17.5 2 % 17.3 17.6 2 % Focus production halt and Market Share (Pct) 14.4 % 14.1 % (0.3) ppts 14.3 % 13.8 % (0.5) ppts alignment of Escape and U.S. 15.2 % 14.7 % (0.5) ppts 15.1 % 14.5 % (0.6) ppts Fusion production to demand Wholesales (000) 807 742 (8) % 1,578 1,538 (3) % • Revenue decline more than Revenue (Bils) $ 24.5 $ 23.7 (3) % $ 48.5 $ 48.5 - % explained by lower volume EBIT (Mils) $ 2,332 $ 1,753 $ (579) $ 4,462 $ 3,688 $ (774) EBIT Margin (Pct) 9.5 % 7.4 % (2.1) ppts 9.2 % 7.6 % (1.6) ppts • EBIT margin excluding Meridian, Takata settlement and Pivotal IPO at 9.9% Ford F-Series sales grew 5.5% in the second quarter of 2018 and are on a record-setting pace YTD 15

North America 2Q 2018 EBIT YoY Bridge (Mils) • NA EBIT down $579M YoY due to the Meridian fire disruption • Positive market factors despite impact of Meridian • Actively driving performance on our leading, high-margin Meridian $(591) Industry 174 products and seeing positive Share (243) effects on mix as a result Stocks (46) Material, Excl. Commodities $(155) Mix / Other 506 Commodities (199) Warranty (244) • Improved net pricing reflects Freight (68) strength of F-Series and the Structural Cost (104) Meridian 17 all-new Expedition and Lincoln Navigator Volume / Net 2Q 2017 Mix Pricing Cost Other 2Q 2018 • Increased warranty cost, primarily Takata Market Factors $83 16

North America – Focusing Capital On High-Margin, High-Growth Businesses ROIC (%) HIGHLY ACCRETIVE + • High-performing business Circle size = 2017 +/- EBIT (Bils) High Performing supported by strong competitive 60% position 50% ~125% of NA EBIT • Targeting 10% EBIT margin 40% through fitness improvements and capital allocation focused on trucks 30% and SUVs where Ford offers 20% strong, differentiated products 10% Profitable • Will not allocate capital to underperforming products / - + EBIT Margin segments for which there is no (20)% (10)% Expense For 10% 20% credible path to appropriate (10)% Future Growth returns, e.g., traditional sedan Low (20)% silhouettes Performing (30)% HIGHLY DILUTIVE (40)%- Note: All references to EBIT and EBIT Margin include regional Ford Credit EBT 17

South America Key Metrics • 2Q top-line metrics mixed YoY; SECOND QUARTER YEAR TO DATE financial metrics about flat 2017 2018 H / (L) 2017 2018 H / (L) • SA SAAR up 7%; Brazil up for SAAR (Mils) 4.2 4.5 7 % 4.0 4.6 15 % 5th consecutive quarter – Brazil 2.3 2.5 9 % 2.2 2.5 14 % largely concentrated in direct sales (fleet) Market Share (Pct) 9.1 % 8.6 % (0.5) ppts 9.0 % 8.7 % (0.3) ppts Brazil 9.7 % 9.6 % (0.1) ppts 9.5 % 9.5 % - ppts • SA market share down, Wholesales (000) 93 96 3 % 163 182 12 % primarily driven by Argentina Revenue (Bils) $ 1.5 $ 1.5 - % $ 2.6 $ 2.8 9 % and Colombia EBIT (Mils) $ (177) $ (178) $ (1) $ (414) $ (327) $ 87 • Volume up due to industry EBIT Margin (Pct) (12.1) % (12.2) % (0.1) ppts (16.2) % (11.7) % 4.5 ppts growth Introduced the all-new Ka FreeStyle in Brazil 18

South America 2Q 2018 EBIT YoY Bridge (Mils) • SA EBIT about flat YoY • Positive market factors offset Commodities $(48) the adverse impact of Other Inflationary Costs (91) exchange, commodities and Other 19 Exchange $(144) other inflationary costs Other 47 Volume / Net 2Q 2017 Mix Pricing Cost Other 2Q 2018 Market Factors $216 19

South America – Focusing Capital On High-Margin, High-Growth Businesses ROIC (%) HIGHLY ACCRETIVE + Circle size = 2017 +/- EBIT (Mils) 50% • Profitability in the region limited 40% to Ranger, select SUVs and imports; returns weak 30% • Most of SA business low 20% performing 10% Profitable • Significant redesign of business model in process to create a - + EBIT profitable and sustainable (20)% (10)% 10% 20% Margin business Low (10)% Performing (20)% HIGHLY DILUTIVE (30)% - Note: All references to EBIT and EBIT Margin include regional Ford Credit EBT 20

Europe Key Metrics • 2Q top-line metrics mixed YoY; SECOND QUARTER YEAR TO DATE financial metrics down 2017 2018 H / (L) 2017 2018 H / (L) • Europe SAAR up 4% SAAR (Mils) 20.7 21.6 4 % 20.6 21.6 5 % • Europe market share down Market Share (Pct) 7.2 % 7.0 % (0.2) ppts 7.6 % 7.3 % (0.3) ppts primarily due to discontinued B-MAX and sales slippage due Wholesales* (000) 375 367 (2) % 824 816 (1) % to late regulatory approvals Revenue (Bils) $ 7.1 $ 7.6 7 % $ 14.7 $ 16.5 12 % • Volume down 2%, driven by EBIT (Mils) $ 122 $ (73) $ (195) $ 331 $ 46 $ (285) Turkey EBIT Margin (Pct) 1.7 % (1.0) % (2.7) ppts 2.2 % 0.3 % (1.9) ppts • Revenue up 7% due to * Includes Ford brand vehicles produced and sold by our unconsolidated affiliate in Turkey (about 19,000 units in 2Q 2017 favorable exchange and 16,000 units in 2Q 2018). Revenue does not include these sales Ford’s new “Weather Factory” in Germany is Europe’s most advanced auto environmental test center 21

Europe 2Q 2018 EBIT YoY Bridge (Mils) Commodities $ (25) Other Contribution Cost (120) Structural Cost 6 • Europe EBIT down $195M YoY due to higher cost, primarily regulatory related, and Exchange $(106) unfavorable exchange, mainly Other 17 sterling $(139) • Favorable market factors more than explained by net pricing due to impact of refreshed products and industry pricing Volume / Net 2Q 2017 Mix Pricing Cost Other 2Q 2018 Market Factors $33 22

Europe – Focusing Capital On High-Margin, High-Growth Businesses ROIC (%) HIGHLY ACCRETIVE • High-performing business Circle size = 2017 +/- EBIT (Bils) + supported by strong competitive 80% High Performing >200% of position and profit / return pillars – Europe’s EBIT commercial vehicles, Ranger, Kuga and selected imports 60% − Represents less than 50% of Europe’s total volume and 40% revenue • Low-performing business 20% principally cars and MAVs Profitable • Redesigning low-performing - + EBIT (20)% (10)% Expense For 10% 20% Margin business and allocating greater Future Growth capital to profit pillars Low Performing (20)% - HIGHLY DILUTIVE Note: All references to EBIT and EBIT Margin include regional Ford Credit EBT 23

Middle East & Africa Key Metrics • 2Q top-line metrics mixed YoY; SECOND QUARTER YEAR TO DATE financial metrics improved 2017 2018 H / (L) 2017 2018 H / (L) • SAAR up 11%; flat in markets SAAR (Mils) 3.6 4.0 11 % 3.7 3.9 5 % where we participate Market Share (Pct) 3.4 % 2.5 % (0.9) ppts 3.6 % 2.9 % (0.7) ppts • Market share lower driven by Wholesales (000) 24 27 13 % 54 52 (4) % Southern and Northern Africa and Middle East performance Revenue (Bils) $ 0.6 $ 0.8 35 % $ 1.2 $ 1.4 15 % EBIT (Mils) $ (49) $ 49 $ 98 $ (124) $ (5) $ 119 • Increase in volume due to favorable dealer stock changes; EBIT Margin (Pct) (9.0) % 6.6 % 15.6 ppts (10.4) % (0.4) % 10.0 ppts revenue up 35% with most factors positive Ford and Lincoln are welcoming women to family-friendly showrooms in Saudi Arabia 24

Middle East & Africa 2Q 2018 EBIT YoY Bridge (Mils) • MEA EBIT a 2Q record • Favorable market factors and exchange drove the $98 million EBIT improvement Volume / Net 2Q 2017 Mix Pricing Cost Other 2Q 2018 Market Factors $74 25

Asia Pacific Key Metrics • All metrics lower YoY except SECOND QUARTER YEAR TO DATE SAAR; China the key driver 2017 2018 H / (L) 2017 2018 H / (L) • AP SAAR up 2.1M units; China SAAR (Mils) 44.1 46.2 5 % 41.7 45.0 8 % up 0.9M units China 27.6 28.5 3 % 25.4 27.5 8 % • AP market share lower due to Market Share (Pct) 3.7 % 2.7 % (1.0) ppts 3.5 % 2.7 % (0.8) ppts China performance, primarily China 4.5 % 3.2 % (1.3) ppts 4.5 % 3.2 % (1.3) ppts Focus and Escort Wholesales* (000) 352 261 (26) % 735 567 (23) % Revenue (Bils) $ 3.4 $ 2.3 (30) % $ 6.6 $ 5.7 (13) % • Key metrics for China JVs EBIT (Mils) $ 167 $ (394) $ (561) $ 315 $ (513) $ (828) down substantially with China EBIT Margin (Pct) 4.8 % (16.4) % (21.2) ppts 4.8 % (8.9) % (13.7) ppts JV net equity income about breakeven China Unconsolidated Affiliates Wholesales (000) 246 174 (29) % 524 369 (30) % Ford Equity Income (Mils) $ 195 $ 3 (98) % $ 469 $ 141 (70) % Net Income Margin (Pct) 10.7 % 0.6 % (10.1) ppts 11.9 % 5.5 % (6.4) ppts * Wholesales include Ford brand and Jiangling Motors Corporation (JMC) brand vehicles produced and sold in China by our unconsolidated affiliates. Revenue does not include these sales Revealed the all-new Ford Focus in China 26

Asia Pacific 2Q 2018 EBIT YoY Bridge (Mils) • AP EBIT down $561M YoY – $506M in China and $55M in other markets China JVs $(192) • Market factors unfavorable due Exchange (37) mainly to China consolidated Other (1) operations; reflects lower volume and mainly industry-related net Industry $ 9 pricing Share (87) Stocks (137) Mix (6) • Equity income from China JVs Other (43) down $192M • Cost improved due to markets Volume / Net outside China 2Q 2017 Mix Pricing Cost Other 2Q 2018 Market Factors $(385) 27

China (Mils) • 2Q China operations an EBIT 2Q 2018 EBIT YoY Bridge loss of $483M, offset partially by EBIT of $89M in rest of AP • EBIT margin for markets outside China at 4.2% • China EBIT down $506M YoY • Unfavorable market factors primarily due to stock reductions for Explorer and Lincoln MKC, tariffs and industry-related Net Equity Income $(192) net pricing impacts Royalties (51) • Decline in China JV net equity Volume / Net income entirely due to 2Q 2017 Mix Pricing Cost JVs Other 2Q 2018 unfavorable volume and mix and lower net pricing Market Factors $(242) • Lower volume at the China JVs Other drove lower royalty income Markets $144 $(122) $(21) $51 $1 $36 $89 28

Asia Pacific – Focusing Capital On High-Margin, High-Growth Businesses • Asia Pacific’s high-performing business diverse, including HIGHLY ACCRETIVE Ranger and most SUVs Circle size = 2017 +/- EBIT (Bils) ROIC (%) + 60% • Low-performing business mainly High Lincoln and small cars 50% Performing • Focused on: 40% 30% − Restoring China business to strong returns, including Profitable 20% localization of most import products 10% - + EBIT − Sustaining / improving strong (20)% (10)% Expense For 10% 20% 30% Margin performance in Australia and (10)% Future Growth ASEAN Low (20)% Performing − Generating appropriate returns (30)% in India, which continue to - HIGHLY DILUTIVE improve Note: All references to EBIT and EBIT Margin include regional Ford Credit EBT 29

Mobility Key Metrics And 2Q 2018 EBIT YoY Bridge (Mils) Key Metrics SECOND QUARTER YEAR TO DATE 2017 2018 H / (L) 2017 2018 H / (L) EBIT (Mils) $ (63) $ (181) $ (118) $ (127) $ (283) $ (156) • Mobility EBIT reflects increased investment in mobility services and AV development 2Q 2018 EBIT YoY Bridge Ford Smart Autonomous 2Q 2017 Mobility Vehicles 2Q 2018 30

Ford Credit Key Metrics SECOND QUARTER YEAR TO DATE 2017 2018 H / (L) 2017 2018 H / (L) • Strong 2Q EBT Net Receivables (Bils) $ 135 $ 143 6 % $ 135 $ 143 6 % Managed Receivables* (Bils) $ 142 $ 151 7 % $ 142 $ 151 7 % • Receivables up globally YoY led Loss-to-Receivables** (LTR) 46 bps 36 bps (10) bps 50 bps 43 bps (7) bps by retail financing Auction Values*** $ 17,440 $ 18,190 4 % $ 17,285 $ 17,770 3 % EBT (Mils) $ 619 $ 645 $ 26 $ 1,100 $ 1,286 $ 186 • Continuing to maintain ROE (Pct) 13 % 12 % (1) ppts 12 % 15 % 3 ppts receivables around present Other Balance Sheet Metrics level and deliver strong distributions to Ford Debt (Bils) $ 129 $ 137 6 % Liquidity (Bils) $ 29 $ 27 (4.0) % • U.S. consumer credit metrics Financial Statement Leverage (to 1) 9.3 8.9 (0.4) healthy with improved LTR Managed Leverage* (to 1) 8.8 8.3 (0.5) • Balance sheet and liquidity strong; managed leverage within target range of 8:1 to 9:1 * See Appendix for reconciliation to GAAP and definitions ** U.S. retail and lease *** U.S. 36-month off-lease at 2Q 2018 mix 31

Ford Credit 2Q 2018 EBT YoY (Mils) • Ford Credit EBT up $26M YoY • Volume and mix higher due to global receivables growth Residual Losses $32 Supplemental Depreciation 56 • Higher auction values drove Derivatives Market Valuation $(95) lease residual improvement Operating Costs & Other (30) • Unfavorable derivatives market valuation reflects a non-recurrence of positive valuation a year ago Volume / Financing Credit Lease 2Q 2017 Mix Margin Loss Residual Exchange Other 2Q 2018 32

Ford Credit U.S. Automotive Financing Trends Lease Share of Retail Sales (Pct) Lease Return Vol. (000) and Auction Values** Ford Credit Industry* 36-Month Return Volume $18,190 $17,705 • 2Q lease share about the same $17,440 $17,385 $17,130 $17,350 31% 30% 31% 30% as prior year and below industry 28% 28% reflecting Ford sales mix 79 80 71 70 61 68 24% 22% 23% 23% • Auction values stronger than 19% 17% expected and up 4% YoY 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 • Now expect 2018 FY average Retail and Lease Repossession Ratio (Pct) Retail and Lease Charge-Offs (Mils) auction values to be 1% to 2% and Severity (000) and LTR Ratio (Pct) higher at constant mix Repo Ratio Severity LTR Charge-Offs 0.60% • Strong loss metrics reflect 1.22% 0.54% 0.46% 0.53% 0.51% 1.16% 1.12% 1.16% 0.36% 1.06% 1.00% healthy consumer credit $109 $10.6 $96 $95 $93 conditions $10.5 $10.2 $10.3 $82 $9.8 $10.0 $66 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 * Source: J.D. Power PIN ** At 2Q 2018 mix 33

Company Cash Flow (Bils) SECOND QUARTER YEAR TO DATE 2017 2018 2017 2018 Company Adjusted EBIT* $ 2.8 $ 1.7 $ 5.3 $ 3.9 Excluding: Ford Credit EBT (0.6) (0.7) (1.1) (1.3) Subtotal $ 2.2 $ 1.0 $ 4.2 $ 2.6 Capital spending $ (1.5) $ (1.9) $ (3.2) $ (3.7) • 2Q cash flow negative due to Depreciation and tooling amortization 1.2 1.4 2.4 2.7 lower payables, higher Net spending $ (0.3) $ (0.5) $ (0.8) $ (1.0) inventory, timing differences and shareholder distributions Changes in working capital (0.9) (2.1) (0.2) (1.0) Ford Credit Distributions - 0.5 - 1.5 • Full year funded pension All other and timing differences 0.3 (0.7) 0.1 (0.9) Company adjusted operating cash flow* $ 1.3 $ (1.8) $ 3.3 $ 1.2 contributions on track for $0.5B Separation payments (0.1) - (0.1) - • Shareholder distributions on Other transactions with Ford Credit - 0.1 - (0.1) track for $3B Other, including acquisitions and divestitures 0.1 (0.2) (0.2) (0.5) Cash flow before other actions $ 1.3 $ (1.9) $ 3.0 $ 0.6 Changes in debt 0.1 0.2 (0.1) 0.1 Funded pension contributions (0.3) (0.1) (0.5) (0.2) Shareholder distributions (0.7) (0.6) (1.5) (1.8) Change in cash $ 0.4 $ (2.4) $ 0.9 $ (1.3) * See Appendix for reconciliation to GAAP and definitions 34

Company Balance Sheet And Liquidity (Bils) 2017 2018 Dec 31 Jun 30 Company excl. Ford Credit Company Cash* $ 26.5 $ 25.2 Liquidity 37.4 36.1 • Company cash and liquidity Debt $ 16.5 $ 16.2 balances remain strong Cash Net of Debt 10.0 9.0 • Extended maturity dates of Company Balance Sheet Underfunded Status** corporate credit facility with U.S. Pension $ 2.2 $ 1.6 terms and conditions Non-U.S. Pension 4.4 4.1 unchanged Total Global Pension $ 6.6 $ 5.7 Total Unfunded OPEB $ 6.2 $ 6.0 * See Appendix for definition ** Balances at June 30, 2018 reflect net underfunded status at December 31, 2017, updated for service and interest costs, expected return on assets, separation expense, interim remeasurement expense, actual benefit payments and cash contributions. The discount rate and rate of expected return assumptions are unchanged from year end 2017 35

2018 FY Outlook Company Business Units Key Metric 2018 Guidance Region / Segment 2018 EBIT Guidance Modestly higher than Revenue Automotive Lower than 2017 due to Asia Pacific and Europe 2017 North America Lower than 2017 Adjusted EPS* $1.30 - $1.50** South America Improved from 2017 Adj. Operating Cash Lower than 2017** Flow* Europe A loss** Pension Contributions About $500M Middle East & Africa Improved from 2017 (about breakeven) Asia Pacific A significant loss** Capital Spending About $7.5B Mobility Larger loss than 2017 Adj. Effective Tax Rate* About 13%** Ford Credit (EBT) Improved from 2017** * See Appendix for definitions ** Revised guidance 36

Company Adjusted EPS* Guidance Bridge Market Factors $ 0.21 Commodities (0.11) Other (0.02) Market Factors $(0.10) Cost (0.06) Exchange / Other (0.04) Market Factors $(0.16) JV Net Equity Income (0.11) Tariffs (0.04) Other 0.07 Prior Revised Guidance Tax Rate Guidance Midpoint Change North America Europe Asia Pacific Ford Credit Other Midpoint * See Appendix for definitions Revised Guidance More Than Explained By Asia Pacific And Europe Performance, Offset Partially By Ford Credit And North America 37

North America Highlights MERIDIAN FIRE RESPONSE QUALITY UNITED STATES J.D. POWER INITIAL QUALITY STUDY Ford led as America’s best-selling brand of combined trucks and SUVs Ford achieved best-ever score in 2018 F-Series sales topped 236,000 units in 2Q and are 5th straight year of improvement on a record-setting pace YTD Ford received more awards than any other Ford brand SUV sales reached a 2Q record of manufacturer in the J.D. Power 2018 Initial Quality Study 216,000 units Combined first half Expedition / Navigator retail sales up 55% compared with 2017 Industry-leading commercial business led by F-Series and Transit EXPANDED HYBRID PORTFOLIO 2018 FORD EXPEDITION & Ford executed a world-class recovery plan, 2018 LINCOLN NAVIGATOR Introduced all-new Ford Police Interceptor which ensured safe retrieval and relocation of Utility, industry’s first pursuit-rated hybrid SUV tools, quickly restoring production for our Five-star rating in National Highway Traffic Safety customers New Fuel Efficient Taxis Administration’s New Car Assessment Program 2019 Transit Connect and Fusion Hybrid DEPLOYED 2 CREATIVE SOLUTIONS TO RESTORE SUPPLY AND REOPEN PLANTS IN JUST 8DAYS 38

Europe – Focus On Fitness • CVs remain the cornerstone of Europe business and strategy – continued strong 2Q performance Commercial • Ford brand #1 in European 2Q CV sales – sales up 11%; share up from 12.8% to 13.2% Vehicles • Transit top-selling CV nameplate; Ranger #1 pickup • Fiesta launch successful, customer order bank up 30% compared to prior year Passenger Cars • Focus launch in flight • Focused on growing our SUV offerings; Ford total SUV sales up 28% Sport Utility • Record quarter for Kuga and EcoSport sales Vehicles • Utilities mix is under indexed versus industry, with aging Kuga product. New launches increase mix by 2020 • Slower ramp up of Focus and regulatory approval delays resulted in lower volume in 2Q Business • Relative to expectations, new products delivering incremental profit, but lower than planned. Margin compression driven by Results weaker channel mix, lower net pricing and exchange headwinds • Future capital allocation to be aggressively focused on segments, products and services that can generate appropriate business returns Actions • Aggressively attack cost and drive capital efficiencies across the business • Announced sale / possible closure of Bordeaux manufacturing site; further restructuring and business model change required Europe Business Under Significant Pressure; Actions Under Way To Address 39

China Deep Dive – Structural And Go-To-Market Issues Dealers • Actions to improve dealer support and profitability executed end 2Q Disengaged • High dealer stock levels being addressed aggressively Uncompetitive • Localize assembly of Explorer and Lincoln (starting with new Small Utility early 2020) Cost • Integrate Ford Marketing / Sales and Purchasing operations into JVs to remove duplication and optimize costs Structure • Fitness actions to be implemented Product Ageing • 60% of product line-up to be refreshed or new in 2019 And Not • New Ford utility showroom (replacements and additions) launched 2019 through 2021; 50 new vehicles in total by 2025 Aligned With including 8 new SUVs and 15 or more electrified vehicles Customer • New Advanced Product Creation Process at Nanjing Research and Engineering Centre and increased use of ‘in JV’ Demand product creation Go-To-Market • New single authentic and trusted Ford brand voice through Distribution Division to address consistency and differentiation Capability Gaps • New China Futuring group to be established to improve local consumer insights Exposed • Recruiting additional local talent to key management positions Success In China Imperative – World’s Largest Market; Reaches 2X U.S. Volume By 2025 40

Questions & Answers

Cautionary Note On Forward-Looking Statements 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 our 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: • Ford’s long-term competitiveness depends on the successful execution of fitness actions; • Industry sales volume, particularly in the United States, Europe, or China, could decline if there is a financial crisis, recession, or significant geopolitical event; • Ford’s new and existing products and mobility services are subject to market acceptance; • Ford’s results are dependent on sales of larger, more profitable vehicles, particularly in the United States; • Ford may face increased price competition resulting from industry excess capacity, currency fluctuations, or other factors; • Fluctuations in commodity prices, foreign currency exchange rates, and interest rates can have a significant effect on results; • With a global footprint, Ford’s results could be adversely affected by economic, geopolitical, protectionist trade policies, or other events; • Ford’s production, as well as Ford’s suppliers’ production, could be disrupted by labor disputes, natural or man-made disasters, financial distress, production difficulties, or other factors; • Ford’s ability to maintain a competitive cost structure could be affected by labor or other constraints; • Pension and other postretirement liabilities could adversely affect Ford’s liquidity and financial condition; • Economic and demographic experience for pension and other postretirement benefit plans (e.g., discount rates or investment returns) could be worse than Ford has assumed; • Ford’s vehicles could be affected by defects that result in delays in new model launches, recall campaigns, or increased warranty costs; • Safety, emissions, fuel economy, and other regulations affecting Ford may become more stringent; • Ford could experience unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, perceived environmental impacts, or otherwise; • Ford’s receipt of government incentives could be subject to reduction, termination, or clawback; • Operational systems, security systems, and vehicles could be affected by cyber incidents; • Ford Credit’s access to debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts could be affected by credit rating downgrades, market volatility, market disruption, regulatory requirements, or other factors; • Ford Credit could experience higher-than-expected credit losses, lower-than-anticipated residual values, or higher-than-expected return volumes for leased vehicles; • Ford Credit could face increased competition from banks, financial institutions, or other third parties seeking to increase their share of financing Ford vehicles; and • Ford Credit could be subject to new or increased credit regulations, consumer or data protection regulations, or other regulations. We 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. Our forward-looking statements speak only as of the date of their initial issuance, and we do 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 our Annual Report on Form 10-K for the year ended December 31, 2017, as updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 43

APPENDIX SUPPLEMENTAL DATA Shareholder Distributions A1 Return on Invested Capital A2 Special Items A3 U.S. Transaction Prices, Incentives and Days Supply A4 Revised Reporting – 2017 A5 Revised Reporting – ROIC A6 1Q China YoY EBIT Bridge A7 RECONCILIATIONS TO GAAP Adjusted EBIT A8 Adjusted EBIT 2018 A9 Adjusted Earnings Per Share A10 Adjusted Effective Tax Rate A11 Adjusted Operating Cash Flow A12 Adjusted Operating Cash Flow Trailing 5 Quarters A13 Managed Receivables A14 Managed Leverage A15 OTHER Non-GAAP Financial Measures A16 - A17 Definitions and Calculations A18

Shareholder Distributions (Bils) Supplemental Dividend $18.3 Anti-Dilutive Share Repurchases Regular Dividends $1.7 $2.8 • 2018 planned distributions of $3B for a total of $18.3B for 2012 - 2018 • Paid a second quarter regular dividend of 15¢ per share $13.8 $3.5 $2.7 $3.0 $2.3 $1.0 $0.6 $2.4 $1.7 $2.4 $2.4 Average 2016 2017 2018 2012 - 2018 2012 - 2015 A145

Return On Invested Capital Calculation (Bils) Four Quarters Four Quarters Ending 2Q 2017 Ending 2Q 2018 Net Operating Profit After Tax (NOPAT) (Bils.) (Bils.) Net income attributable to Ford $ 3.8 $ 6.9 Add: Non-controlling interest 0.0 0.0 Less: Income tax (0.9) 0.0 Add: Cash taxes (0.7) (0.6) Less: Interest on debt (1.1) (1.2) Less: Total pension / OPEB income / (Cost) (2.6) 0.7 Add: Pension / OPEB service costs (1.1) (1.2) Net operating profit after tax $6.7 $5.6 Invested Capital Equity $ 32.8 $ 36.5 Redeemable non-controlling interest 0.1 0.1 Automotive and other debt 16.8 16.2 Net pension and OPEB liability 14.2 11.7 Invested capital (end of period) $ 63.9 $ 64.5 Four quarter average invested capital $ 60.9 $ 64.7 ROIC* 10.9% 8.7% * Calculated as the sum of Net Operating Profit After Tax from the last four quarters, divided by the average Invested Capital over the last four quarters A246

Company Special Items (Mils) 2Q YTD Memo: 2017 2018 2017 2018 FY 2017 Pension and OPEB Gain / (Loss) Year end net pension and OPEB remeasurement loss $ - $ - $ - $ - $ (162) Other pension remeasurement gain - - - 26 - Pension curtailment gain - - - 15 354 Separation-Related Actions (7) (42) (29) (51) (297) Other Items San Luis Potosi plant cancellation 7 - 53 - 41 Next-generation Focus footprint change (248) - (248) (9) (225) Total pre-tax special items $ (248) $ (42) $ (224) $ (19) $ (289) Tax special items $ 46 $ 9 $ 31 $ 5 $ 897 Memo: Special items impact on earnings per share* $ (0.05) $ - $ (0.05) $ - $ 0.15 * Includes related tax effect on special items and tax special items A347

U.S. Transaction Prices, Incentives and Days Supply Second Quarter Ford Industry YoY average transaction price (USD)* $ 837 $ 797 YoY incentive change as pct. of vehicle price* 0.5 0.1 U.S. gross days supply 78 68 * Source: J.D. Power PIN ISR data – cash / APR / lease (blended) transaction; industry data includes Ford A448

Revised Reporting – 2017 (Mils) 2017 1Q 2Q 3Q 4Q Full Year North America $ 2,130 $ 2,332 $ 1,824 $ 1,771 $ 8,057 South America (237) (177) (150) (189) (753) Europe 209 122 (53) 89 367 Middle East & Africa (75) (49) (56) (66) (246) Asia Pacific 148 167 314 30 659 Automotive $ 2,175 $ 2,395 $ 1,879 $ 1,635 $ 8,084 Mobility (64) (63) (72) (100) (299) Ford Credit 481 619 600 610 2,310 Corporate Other (72) (146) (122) (117) (457) Adjusted EBIT $ 2,520 $ 2,805 $ 2,285 $ 2,028 $ 9,638 Interest on Debt (293) (291) (298) (308) (1,190) Special Items Pre-Tax 24 (248) (217) 152 (289) Taxes (652) (211) (191) 652 (402) Less: Non-Controlling Interests 7 8 7 4 26 Net Income Attributable to Ford $ 1,592 $ 2,047 $ 1,572 $ 2,520 $ 7,731 Company Adjusted Operating Cash Flow (Bils) $ 2.0 $ 1.3 $ (1.3) $ 2.2 $ 4.2 Revenue (Bils) 39.1 39.9 36.5 41.3 156.8 Automotive EBIT Margin (Pct) 6.0% 6.5% 5.6% 4.3% 5.6% Company Adjusted EBIT Margin (Pct) 6.4 7.0 6.3 4.9 6.1 Net Income Margin (Pct) 4.1 5.1 4.3 6.1 4.6 Adjusted EPS – Diluted $ 0.40 $ 0.56 $ 0.44 $ 0.39 $ 1.78 EPS (GAAP) – Diluted 0.40 0.51 0.39 0.63 1.93 China EBIT (Mils) $ 47 $ 23 $ 102 $ (20) $ 152 A549

Revised Reporting – ROIC (Bils) 2013 2014 2015 2016 2017 Net Operating Profit After Tax (NOPAT) Net income attributable to Ford $ 11.9 $ 1.3 $ 7.3 $ 4.6 $ 7.7 Add: Non-controlling interest (0.0) (0.0) (0.0) 0.0 0.0 Less: Income tax (2.4) (0.0) (2.9) (2.2) (0.4) Add: Cash taxes (0.5) (0.5) (0.6) (0.7) (0.6) Less: Interest on debt (1.0) (0.9) (0.8) (1.0) (1.2) Less: Total pension / OPEB income / (Cost) 4.9 (4.4) (0.5) (2.7) 0.6 Add: Pension / OPEB service costs (1.1) (1.0) (1.2) (1.0) (1.1) Net operating profit after tax $ 8.7 $ 5.1 $ 9.8 $ 8.6 $ 7.0 Invested Capital Equity $ 26.8 $ 25.1 $ 29.2 $ 29.7 $ 35.6 Redeemable non-controlling interest 0.3 0.3 0.1 0.1 0.1 Automotive and other debt 16.3 14.5 13.4 16.5 16.5 Net pension and OPEB liability 14.9 16.2 13.9 14.7 12.8 Invested capital (end of period) $ 58.3 $ 56.1 $ 56.6 $ 61.1 $ 65.0 Four quarter average invested capital $ 58.6 $ 57.2 $ 55.6 $ 58.5 $ 63.4 ROIC* 14.9% 8.9% 17.6% 14.7% 11.0% * Calculated as the sum of Net Operating Profit After Tax from the last four quarters, divided by the average Invested Capital over the last four quarters A650

China 1Q 2018 EBIT YoY Bridge (Mils) Net Equity Income $(136) Royalties (43) Volume / Net 1Q 2017 Mix Pricing Cost JVs Other 1Q 2018 Market Factors $(75) Other Markets $101 $(21) $(21) $15 $31 $(74) $31 A751

Company Net Income Reconciliation To Adjusted EBIT (Mils) 2Q YTD Memo: 2017 2018 2017 2018 FY 2017 Net income / (Loss) attributable to Ford (GAAP) $ 2,047 $ 1,066 $ 3,639 $ 2,802 $ 7,731 Income / (Loss) attributable to non-controlling interests 8 3 15 12 26 Net income / (Loss) $ 2,055 $ 1,069 $ 3,654 $ 2,814 $ 7,757 Less: (Provision for) / Benefit from income taxes (211) (280) (863) (454) (402) Income / (Loss) before income taxes $ 2,266 $ 1,349 $ 4,517 $ 3,268 $ 8,159 Less: Special items pre-tax (248) (42) (224) (19) (289) Income / (Loss) before special items pre-tax $ 2,514 $ 1,391 $ 4,741 $ 3,287 $ 8,448 Less: Interest on debt (291) (301) (584) (590) (1,190) Adjusted EBIT (Non-GAAP) $ 2,805 $ 1,692 $ 5,325 $ 3,877 $ 9,638 Memo: Revenue (Bils) $ 39.9 $ 38.9 $ 79.0 $ 80.9 $ 156.8 Net income margin (GAAP) (Pct) 5.1% 2.7% 4.6% 3.5% 4.9% Adjusted EBIT margin (Non-GAAP) (Pct) 7.0% 4.3% 6.7% 4.8% 6.1% A852

Company 2018 Net Income Reconciliation To Adjusted EBIT (Mils) 2018 1Q 2Q Net income / (Loss) attributable to Ford (GAAP) $ 1,736 $ 1,066 Income / (Loss) attributable to non-controlling interests 9 3 Net income / (Loss) $ 1,745 $ 1,069 Less: (Provision for) / Benefit from income taxes (174) (280) Income / (Loss) before income taxes $ 1,919 $ 1,349 Less: Special items pre-tax 23 (42) Income / (Loss) before special items pre-tax $ 1,896 $ 1,391 Less: Interest on debt (289) (301) Adjusted EBIT (Non-GAAP) $ 2,185 $ 1,692 Memo: Revenue (Bils) $ 42.0 $ 38.9 Net income margin (GAAP) (Pct) 5.2% 2.7% Adjusted EBIT margin (Non-GAAP) (Pct) 7.0% 4.3% Revenue excluding Meridian, Takata and Pivotal IPO (Bils) $ 42.0 $ 40.4 Adjusted EBIT excluding Meridian, Takata and Pivotal IPO (Mils) $ 2,185 $ 2,425 Adjusted EBIT Margin excluding Meridian, Takata and Pivotal IPO (Pct) 5.2% 6.0% Note: Meridian, Takata and Pivotal IPO collectively reduced revenue and EBIT in North America by $1.5 billion and $733 million, respectively, in the second quarter of 2018 A953

Company Earnings Per Share Reconciliation To Adjusted Earnings Per Share 2Q YTD 2017 2018 2017 2018 Diluted After-Tax Results (Mils) Diluted after-tax results (GAAP) $ 2,047 $ 1,066 $ 3,639 $ 2,802 Less: Impact of pre-tax and tax special items (202) (33) (193) (14) Adjusted net income – diluted (Non-GAAP) $ 2,249 $ 1,099 $ 3,832 $ 2,816 Basic and Diluted Shares (Mils) Basic shares (average shares outstanding) 3,977 3,977 3,977 3,976 Net dilutive options and unvested restricted stock units 19 22 21 23 Diluted shares 3,996 3,999 3,998 3,998 Earnings per share – diluted (GAAP) $ 0.51 $ 0.27 $ 0.91 $ 0.70 Less: Net impact of adjustments (0.05) - (0.05) - Adjusted earnings per share – diluted (Non-GAAP) $ 0.56 $ 0.27 $ 0.96 $ 0.70 A1054

Company Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate 2018 Memo: 2Q YTD FY 2017 Pre-Tax Results (Mils) Income / (Loss) before income taxes (GAAP) $ 1,349 $ 3,268 $ 8,159 Less: Impact of special items (42) (19) (289) Adjusted earnings before taxes (Non-GAAP) $ 1,391 $ 3,287 $ 8,448 Taxes (Mils) (Provision for) / Benefit from income taxes (GAAP) $ (280) $ (454) $ (402) Less: Impact of special items 9 5 897 Adjusted (provision for) / Benefit from income taxes (Non-GAAP) $ (289) $ (459) $ (1,299) Tax Rate (Pct) Effective tax rate (GAAP) 20.8% 13.9% 4.9% Adjusted effective tax rate (Non-GAAP) 20.8% 14.0% 15.4% A1155

Company Net Cash Provided By / (Used in) Operating Activities Reconciliation To Adjusted Operating Cash Flow (Mils) 2Q YTD 2017 2018 2017 2018 Company net cash provided by / (used in) operating activities (GAAP) $ 5,615 $ 4,972 $ 9,951 $ 8,486 Less: Items Not Included in Company Adjusted Operating Cash Flows Ford Credit operating cash flows 3,152 5,907 4,264 5,592 Funded pension contributions (220) (72) (456) (160) Separation payments (31) (18) (59) (34) Other (10) (112) (65) (59) Add: Items Included in Company Adjusted Operating Cash Flows Automotive and Mobility capital spending (1,546) (1,898) (3,242) (3,667) Ford Credit distributions - 450 28 1,463 Settlement of derivatives 66 114 200 (47) Pivotal conversion to a marketable security - 263 - 263 Company adjusted operating cash flow (Non-GAAP) $ 1,244 $ (1,804) $ 3,253 $ 1,159 A12A1056

Reconciliation To Adjusted Operating Cash Flow Trailing Five Quarters (Mils) 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 Company net cash provided by / (Used in) operating activities (GAAP) $ 5,615 $ 4,998 $ 3,147 $ 3,514 $ 4,972 Less: Items Not Included in Company Adjusted Operating Cash Flows Ford Credit operating cash flows 3,152 5,210 (174) (315) 5,907 Funded pension contributions (220) (263) (714) (88) (72) Separation payments (31) (42) (181) (16) (18) Other, net (10) 37 (25) 53 (112) Add: Items Included in Company Adjusted Operating Cash Flows Automotive and Mobility capital spending (1,546) (1,658) (2,103) (1,769) (1,898) Ford Credit distributions - 378 - 1,013 450 Settlement of derivatives 66 (90) 107 (161) 114 Pivotal conversion to a marketable security - - - - 263 Company adjusted operating cash flow (Non-GAAP) $ 1,244 $ (1,315) $ 2,244 $ 2,963 $ (1,804) Memo: Company adjusted operating cash flow (Non-GAAP) excluding Meridian, Takata and Pivotal IPO $ (1,107) A13A1057

Ford Credit Total Net Receivables Reconciliation To Managed Receivables (Bils) 2016 2017 2017 2018 Dec 31 Jun 30 Dec 31 Jun 30 Ford Credit finance receivables, net (GAAP)* $ 96.2 $ 101.4 $ 108.4 $ 107.7 Net investment in operating leases (GAAP)* 27.2 26.7 26.7 27.3 Consolidating adjustments** 6.8 6.9 7.6 8.2 Total net receivables $ 130.2 $ 135.0 $ 142.7 $ 143.2 Ford Credit unearned interest supplements and residual support 5.3 5.6 6.1 6.4 Allowance for credit losses 0.5 0.6 0.7 0.7 Other, primarily accumulated supplemental depreciation 0.9 1.0 1.0 1.2 Total managed receivables (Non-GAAP) $ 136.9 $ 142.2 $ 150.5 $ 151.5 * Includes finance receivables (retail and wholesale) sold for legal purposes and net investment in operating leases included in securitization transactions that do not satisfy the requirements for accounting sale treatment. These receivables and operating leases are reported on Ford Credit’s balance sheet and are available only for payment of the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions; they are not available to pay the other obligations of Ford Credit or the claims of Ford Credit’s other creditors ** Primarily includes Automotive segment receivables purchased by Ford Credit which are classified to Trade and other receivables on our consolidated Balance Sheet. Also includes eliminations of intersegment transactions A1458

Ford Credit Financial Statement Leverage Reconciliation To Managed Leverage (Bils) 2017 2017 2018 Jun 30 Dec 31 Jun 30 Leverage Calculation Total debt* $ 129.3 $ 137.8 $ 136.7 Adjustments for cash** (10.1) (11.8) (10.7) Adjustments for derivative accounting*** (0.2) - 0.5 Total adjusted debt $ 119.0 $ 126.0 $ 126.5 Equity**** $ 13.8 $ 15.9 $ 15.3 Adjustments for derivative accounting*** (0.2) (0.1) (0.2) Total adjusted equity $ 13.6 $ 15.8 $ 15.1 Financial statement leverage (to 1) (GAAP) 9.3 8.7 8.9 Managed leverage (to 1) (Non-GAAP) 8.8 8.0 8.3 * Includes debt issued in securitization transactions and payable only out of collections on the underlying securitized assets and related enhancements. Ford Credit holds the right to receive the excess cash flows not needed to pay the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions ** Cash and cash equivalents, and Marketable securities reported on Ford Credit’s balance sheet, excluding amounts related to insurance activities *** Related primarily to market valuation adjustments to derivatives due to movements in interest rates. Adjustments to debt are related to designated fair value hedges and adjustments to equity are related to retained earnings **** Total shareholder’s interest reported on Ford Credit’s balance sheet A1559

Non-GAAP Financial Measures That Supplement GAAP Measures We use both GAAP and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. The non-GAAP measures listed below are intended to be considered by users as supplemental information to their equivalent GAAP measures, to aid investors in better understanding our financial results. We believe that these non-GAAP measures provide useful perspective on underlying business results and trends, and a means to assess our period-over-period results. These non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP measures may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. • Company Adjusted EBIT (Most Comparable GAAP Measure: Net income attributable to Ford) – Earnings before interest and taxes (EBIT) includes non-controlling interests and excludes interest on debt (excl. Ford Credit Debt), taxes and pre-tax special items. This non-GAAP measure is useful to management and investors because it allows users to evaluate our operating results aligned with industry reporting. Pre-tax special items consist of (i) pension and OPEB remeasurement gains and losses, (ii) significant restructuring actions related to our efforts to match production capacity and cost structure to market demand and changing model mix, and (iii) other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities. When we provide guidance for adjusted EBIT, we do not provide guidance on a net income basis because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year- end, including pension and OPEB remeasurement gains and losses. • Company Adjusted EBIT Margin (Most Comparable GAAP Measure: Company Net Income Margin) – Company Adjusted EBIT margin is Company adjusted EBIT divided by Company revenue. This non-GAAP measure is useful to management and investors because it allows users to evaluate our operating results aligned with industry reporting. • Adjusted Earnings Per Share (Most Comparable GAAP Measure: Earnings Per Share) – Measure of Company’s diluted net earnings per share adjusted for impact of pre-tax special items (described above), and tax special items. The measure provides investors with useful information to evaluate performance of our business excluding items not indicative of underlying run rate of our business. When we provide guidance for adjusted earnings per share, we do not provide guidance on an earnings per share basis because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including pension and OPEB remeasurement gains and losses. • Adjusted Effective Tax Rate (Most Comparable GAAP Measure: Effective Tax Rate) – Measure of Company’s tax rate excluding pre-tax special items (described above) and tax special items. The measure provides an ongoing effective rate which investors find useful for historical comparisons and for forecasting. When we provide guidance for adjusted effective tax rate, we do not provide guidance on an effective tax rate basis because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including pension and OPEB remeasurement gains and losses. A1660

Non-GAAP Financial Measures That Supplement GAAP Measures • Company Adjusted Operating Cash Flow (Most Comparable GAAP Measure: Net Cash Provided By / (Used In) Operating Activities) – Measure of Company’s operating cash flow excluding Ford Credit’s operating cash flows. The measure contains elements management considers operating activities, including Automotive and Mobility capital spending, Ford Credit distributions to its parent, and settlement of derivatives. The measure excludes cash outflows for funded pension contributions, separation payments, and other items that are considered operating cash outflows under U.S. GAAP. This measure is useful to management and investors because it is consistent with management’s assessment of the Company’s operating cash flow performance. When we provide guidance for Company adjusted operating cash flow, we do not provide guidance for net cash provided by/(used in) operating activities because the GAAP measure will include items that are difficult to quantify or predict with reasonable certainty, including cash flows related to the Company's exposures to foreign currency exchange rates and certain commodity prices (separate from any related hedges), Ford Credit's operating cash flows, and cash flows related to special items, including separation payments, each of which individually or in the aggregate could have a significant impact to our net cash provided by/(used in) our operating activities. • Ford Credit Managed Receivables – (Most Comparable GAAP Measure: Net Finance Receivables plus Net Investment in Operating Leases) – Measure of Ford Credit’s Total net receivables, excluding unearned interest supplements and residual support, allowance for credit losses, and other (primarily accumulated supplemental depreciation). The measure is useful to management and investors as it closely approximates the customer’s outstanding balance on the receivables, which is the basis for earning revenue. • Ford Credit Managed Leverage (Most Comparable GAAP Measure: Financial Statement Leverage) – Ford Credit’s debt-to-equity ratio adjusted (i) to exclude cash, cash equivalents, and marketable securities (other than amounts related to insurance activities), and (ii) for derivative accounting. The measure is useful to investors because it reflects the way Ford Credit manages its business. Cash, cash equivalents, and marketable securities are deducted because they generally correspond to excess debt beyond the amount required to support operations and on-balance sheet securitization transactions. Derivative accounting adjustments are made to asset, debt, and equity positions to reflect the impact of interest rate instruments used with Ford Credit’s term-debt issuances and securitization transactions. Ford Credit generally repays its debt obligations as they mature, so the interim effects of changes in market interest rates are excluded in the calculation of managed leverage. A1761

Definitions And Calculations Automotive Records • References to Automotive records for EBIT margin and business units are since at least 2009 Wholesales and Revenue • Wholesale unit volumes include all Ford and Lincoln badged units (whether produced by Ford or by an unconsolidated affiliate) that are sold to dealerships, units manufactured by Ford that are sold to other manufacturers, units distributed by Ford for other manufacturers, and local brand units produced by our China joint venture, Jiangling Motors Corporation, Ltd. (“JMC”), that are sold to dealerships. Vehicles sold to daily rental car companies that are subject to a guaranteed repurchase option (i.e., rental repurchase), as well as other sales of finished vehicles for which the recognition of revenue is deferred (e.g., consignments), also are included in wholesale unit volumes. Revenue from certain vehicles in wholesale unit volumes (specifically, Ford badged vehicles produced and distributed by our unconsolidated affiliates, as well as JMC brand vehicles) are not included in our revenue Industry Volume and Market Share • Industry volume and market share are based, in part, on estimated vehicle registrations; includes medium and heavy duty trucks SAAR • SAAR means seasonally adjusted annual rate Company Cash • Company cash includes cash, cash equivalents, marketable securities and restricted cash; excludes Ford Credit’s cash, cash equivalents, marketable securities and restricted cash Market Factors • Volume and Mix – primarily measures EBIT variance from changes in wholesale volumes (at prior-year average contribution margin per unit) driven by changes in industry volume, market share, and dealer stocks, as well as the EBIT variance resulting from changes in product mix, including mix among vehicle lines and mix of trim levels and options within a vehicle line • Net Pricing – primarily measures EBIT variance driven by changes in wholesale prices to dealers and marketing incentive programs such as rebate programs, low-rate financing offers, special lease offers and stock accrual adjustments on dealer inventory • Market Factors exclude the impact of unconsolidated affiliate wholesales ROE • Reflects an annualized return on equity. This metric is calculated by taking net income for the period divided by average equity for the period and annualizing the result by dividing by the number of days in the quarter and multiplying by 365. Earnings Before Taxes (EBT) • Reflects Income before income taxes A1862

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Form 8-K FORD MOTOR CO For: Jul 25

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