Ford Makes Solid Progress on Plan -- $100 Million Net Income in First Quarter 2008 Preliminary Results+

-- Significant progress made on our plan to aggressively restructure to operate profitably, accelerate the development of new products our customers want and value, finance our plan and improve the balance sheet, and work together effectively as one team, leveraging our global assets.

-- First quarter 2008 net income of $100 million, an improvement of $382 million from a year ago.

-- Excluding special items++, first quarter pre-tax profit from continuing operations was $736 million, up $669 million from a year ago.

-- First quarter cost reductions totaled $1.7 billion, including $1.2 billion in North America (at constant volume, mix and exchange; excluding special items).

-- Strong profitability from Ford Europe and Ford South America; Ford North America improved by nearly $600 million from year-ago levels. ++

-- Automotive gross cash of $28.7 billion at March 31, 2008. +++

DEARBORN, Mich., April 24 -- Ford Motor Company today reported net income of $100 million, or 5 cents per share, for the first quarter of 2008. This compares with a net loss of $282 million, or 15 cents per share, in the first quarter of 2007.

The 2008 operating data discussed herein exclude Jaguar Land Rover because it is held for sale. Jaguar Land Rover and Aston Martin data are, however, included in the 2007 data, except where otherwise noted. See tables following "Safe Harbor/Risk Factors" for the amounts attributable to Jaguar Land Rover and any necessary reconciliations to U.S. GAAP.

Ford's first quarter pre-tax operating profit from continuing operations, excluding special items, was $736 million, up $669 million from a year ago. On an after-tax basis, Ford's first quarter operating profit from continuing operations, excluding special items, was $525 million, or 20 cents per share, compared with a loss of $172 million, or 9 cents per share, in the same period a year ago.

Ford's first quarter revenue, excluding special items, was $39.4 billion, down from $43 billion a year ago. Adjusted to exclude Jaguar Land Rover and Aston Martin from 2007 results, revenue would have been up slightly, with favorable exchange about offset by lower volume and net pricing.

Special items reduced pre-tax results by $416 million, or 15 cents per share, in the first quarter. These primarily reflected charges associated with personnel actions, dealer reduction actions and the restructuring of our investment in Ballard.

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