Exhibit 12

Ford Motor Company and Subsidiaries

CALCULATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(in millions)

			Nine		For the Years Ended December 31
			Months
			2002		2001			2000		1999			1998			1997
Earnings
	Income before income taxes		$	759	$	(7,584	)	$	8,234	$	9,854		$	24,280		$	10,124
	Equity in net (income)/loss of affiliates plus dividends from affiliates			117		857			99		(12	)		87			141
	Adjusted fixed charges a/			7,387		11,277			11,316		9,388			9,161			10,896
		Earnings	$	8,263	$	4,550		$	19,649	$	19,230		$	33,528		$	21,161
Combined Fixed Charges and Preferred Stock Dividends
	Interest expense b/		$	6,837	$	10,894		$	10,937	$	9,065		$	8,881		$	10,559
	Interest portion of rental expense c/			296		337			318		265			228			297
	Preferred stock dividend requirements of majority owned subsidiaries and trusts			258		55			55		55			55			55
		Fixed charges		7,391		11,286			11,310		9,385			9,164			10,911
Ford preferred stock dividend requirements d/				16		22			22		22			121			85
	Total combined fixed charges and preferred stock dividends		$	7,407	$	11,308		$	11,332	$	9,407		$	9,285		$	10,996
Ratios
	Ratio of earnings to fixed charges			1.1		f/			1.7		2.0			3.7	e/		1.9
	Ratio of earnings to combined fixed charges and preferred stock dividends			1.1		f/			1.7		2.0			3.6	e/		1.9

a/	Fixed charges, as shown above, adjusted to exclude the amount of interest capitalized during the period and preferred stock dividend requirements of majority owned subsidiaries and trusts.
b/	Includes interest, whether expensed or capitalized, and amortization of debt expense and discount or premium relating to any indebtedness.
c/	One-third of all rental expense is deemed to be interest.
d/	Preferred stock dividend requirements of Ford Motor Company increased to an amount representing the pre-tax earnings which would be required to cover such dividend requirements based on Ford Motor Company’s effective income tax rates.
e/	Earnings used in calculation of this ratio include the $15,955 million gain on the spin-off of The Associates. Excluding this gain, the ratio is 1.9.
f/	Earnings for the year ended December 31, 2001 were inadequate to cover fixed charges. The coverage deficiency was $6.7 billion for ratio of earnings to fixed charges and $6.8 billion for ratio of earnings to combined fixed charges and preferred stock dividends.

     Prior periods have been changed.