Exhibit 12

Ford Motor Company and Subsidiaries

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

(in millions)

			For the Years Ended December 31
			2003			2002		2001			2000		1999
Earnings
Income before income taxes and cumulative effects of changes in accounting principles(a)			$	1,370		$	951	$	(7,419	)	$	8,311	$	9,856
Less: Equity in net (income)/loss of affiliates included in income before income taxes				(155	)		137		550			50		3
Adjusted income				1,215			1,088		(6,869	)		8,361		9,859
	Adjusted fixed charges(b)			8,428			9,653		11,218			11,264		9,326
Earnings			$	9,643		$	10,741	$	4,349		$	19,625	$	19,185
Combined Fixed Charges and Preferred Stock Dividends
Interest expense(c)			$	7,753		$	8,883	$	10,860		$	10,892	$	9,015
Interest portion of rental expense(d)				439			370		323			296		250
Preferred Stock dividend requirements of majority owned subsidiaries and trusts				190			353		55			55		55
		Fixed charges		8,382			9,606		11,238			11,243		9,320
Ford Preferred Stock dividend requirements(e)				—			22		22			22		22
		Total combined fixed charges and Preferred Stock dividends	$	8,382		$	9,628	$	11,260		$	11,265	$	9,342
Ratios
		Ratio of earnings to fixed charges		1.2			1.1		(f	)		1.7		2.1
		Ratio of earnings to combined fixed charges and Preferred Stock dividends		1.2			1.1		(f	)		1.7		2.1
Discontinued operations are excluded from all amounts

(a)	Income before taxes includes equity income from unconsolidated subsidiaries.
(b)	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.
(c)	Includes interest, whether expensed or capitalized, and amortization of debt expense and discount or premium relating to any indebtedness.
(d)	One-third of all rental expense is deemed to be interest.
(e)	Preferred Stock dividend requirements of Ford Motor Company were 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.

(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.