MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS AUTOMOTIVE SECTOR RESULTS OF OPERATIONS 2004 COMPARED WITH 2003 Details of Automotive sector sales and vehicle unit sales by Automotive business unit for 2004 and 2003 are shown below: * Included in vehicle unit sales of Ford Asia Pacific and Africa are Ford-badged vehicles sold in China and Malaysia by our unconsolidated affiliates totaling 66,190  and 33,906 units in 2004 and 2003, respectively. “Sales”above does not include revenue from these units. Details by Automotive business unit of  Income/(loss) before income taxes  are shown below (in millions):  Income/(Loss) Before  Income Taxes 2004 Over/ (Under) 2004 2003 2003 Americas  - Ford North America $ 684 $ 196 $ 488  - Ford South America 140 (129) 269 Total Americas 824  67  757 Ford Europe and PAG - Ford Europe 65  (1,620)  1,685 - PAG (850) 171 (1,021) Total Ford Europe and PAG (785)  (1,449)  664 Ford Asia Pacific and Africa/Mazda - Ford Asia Pacific and Africa (36) (23)  (13) - Mazda and Associated Operations 118  69 49 Total Ford Asia Pacific and Africa/Mazda 82  46 36 Other Automotive  (276)  (572)  296 Total Automotive $ (155) $ (1,908) $  1,753 Sales Vehicle Unit Sales* (in billions) (in thousands) 2004 2004 Over/(Under) Over/(Under) 2004 2003 2003 2004 2003 2003 Americas - Ford NorthAmerica $ 83.0  $ 83.6  $  (0.6) (1)% 3,623 3,810 (187) (5)% - Ford South America 3.0 1.9 1.1 58 292 210 82 39 Total Americas 86.0 85.5 0.5 1 3,915 4,020 (105) (3) Ford Europe and PAG - Ford Europe 26.5 22.2 4.3 19 1,705 1,609 96 6 - PAG  27.6 24.8 2.8 11 771 754 17 2 Total Ford Europe and PAG 54.1 47.0 7.1 15 2,476 2,363 113 5 Ford Asia Pacific and Africa 7.0 5.8 1.2 21 407 353 54 15 Total Automotive $  147.1  $ 138.3  $  8.8 6 6,798 6,736 62 1 2 6