Annual Report 2011 - Ford Motor Company

Management’s Discussion and Analysis of Financial Condition and Results of Operations
Ford South America Segment. The charts below detail key metrics and the change in 2010 pre-tax operating profit
compared with 2009 by causal factor.
The increase in wholesales for Ford South America primarily reflects higher industry volume, offset partially by lower
market share and the non-recurrence of prior-year increases in dealer stocks. The decrease in market share primarily
reflects planned lower production in Venezuela.
The increase in earnings is more than explained by favorable net pricing, changes in currency exchange, and
favorable volume and mix, offset partially by unfavorable cost changes (primarily higher commodity and structural costs).
Ford Motor Company | 2011 Annual Report 47