Now on to South America on slide 21, third quarter wholesales were 125,000 units, up 9,000 units from a year ago. Third quarter revenue was $2.7 billion, up $600.0 million from a year ago, primarily reflecting a stronger Brazilian currency, higher volumes, and favorable net pricing. For the third quarter Ford South America reported a pre-tax profit of $480.0 million, up $94.0 million from a year ago. This increase primarily reflected higher net pricing, favorable volume and mix, and favorable changes in currency exchange rates, partly offset by higher net product costs.

Slide 22 covers Ford of Europe. In the third quarter wholesales were 410,000 units, 12,000 units lower than 2007. Third quarter market share was 8.6% in the 19 markets that we track, equal to the prior year. Third quarter revenue was $9.7 billion, up $1.4 billion from a year ago, primarily due to favorable currency translation, mix and net pricing, partly offset by lower volumes. For the third quarter Ford Europe reported a pre-tax profit of $69.0 million, down $224.0 million from a year ago. We will cover this change on the next slide.

Slide 23 provides an explanation of the change in results compared to a year ago. Volume and mix was about flat compared to the same period in 2007, with favorable product mix offset by lower volume. Net pricing was $100.0 million favorable compared to a year ago and in total cost increased by $100.0 million. This increase was more than explained by unfavorable mark-to-market adjustments for commodity hedges. Exchange was a $100.0 million unfavorable, mainly due to the weakening of the British pound compared to the Euro. Historically, third quarter results are generally weaker than the average quarter due to the scheduled plant shutdowns. But industry weakness is a concern going forward.

Slide 24 covers Volvo. Third quarter wholesales were 66,000 units, down 36,000 from a year ago. This reduction is explained by lower industry volumes and market share, primarily in the U.S. and Europe, and lower dealer stocks. Market share in the U.S. was 8.4%, down two tenth of a point from last year, and this decrease reflects, in part, a decision to decrease emphasis on small vehicles that have become less profitable with changes in currency exchange rates and the market segmentation shift away from SUVs. Market share in Europe was 1.2%, down a tenth of a point from a year ago. Third quarter revenue was $2.9 billion, down $900.0 million from a year ago, primarily reflecting lower volumes partly offset by favorable currency translations. For the third quarter Volvo reported a pre-tax loss of $458.0 million, down $291.0 million from a year ago. This result was worse than our expectations three months ago. We will cover this decline on the next slide.

Slide 25 provides an explanation of the change in results compared to the year ago. Volume and mix was $300.0 million unfavorable, primarily explained by lower industry volume market share and unfavorable product mix in the U.S. and Europe. These declines were worse than we had expected. Net pricing was about flat from a year ago and in total costs were reduced by about $100.0 million with higher commodity costs more than offset by reductions in a number of areas. Exchange was about $100.0 million unfavorable. On October 8, 2008, Volvo announced restructuring plans to reduce salaried personnel by an additional 3,300 employees and agency personnel by an additional 700 employees. Including in the restructurings announced on June 25, the total personnel actions now planned to be initiated account for about 6,000 people worldwide, of which 1,200 are agency employees. This will be a total reduction of around 25%.

Now on to slide 26 which covers Asia-Pacific, Africa, and Mazda, overall third quarter profits was $3.0 million and we will discuss Asia-Pacific and Africa more on the next slide. Ford lost $1.0 million from its investment in Mazda and associated operations in the third quarter, down $15.0 million from a year ago.

Slide 27 covers Asia-Pacific and Africa. In the third quarter wholesales were 111,000 units, a decrease of 18,000 units compared with 2007, primarily reflecting stronger competitive activity in China and India and continued industry weakness in key markets. Third quarter revenues were $1.7 billion, down $100.0 million from a year ago, reflecting lower volumes partially offset by favorable currency translations. For the third quarter Asia-Pacific and Africa reported a pre-tax profit of $4.0 million, down $26.0 million from a year ago. The decline in results is primarily explained by unfavorable volume and mix partly offset by favorable net pricing.

Slide 28 shows automotive cash and cash flow. We ended the third quarter with $18.9 billion in gross cash. Our operating-related cash flow was $7.7 billion negative in the third quarter, reflecting an automotive pre-tax loss of $2.9 billion. Capital spending during the quarter about $500.0 million higher than depreciation and amortization. Changes in working capital and other timing difference are $3.6 billion negative and this is primarily explained by lower trade parables as a result of lower production. Payment of $700.0 million to Ford Credit reflects our change to upfront payments of subvention. Excluding the upfront subvention payments our operating cash flow was $7.0 billion negative. I would like to note, however, this outflow was significantly impacted by a number of unique factors during the quarter, including the decision to reduce truck production to allow for an orderly sell down of dealer inventories to make way for new models. Overall, Ford’s global third quarter production levels were about 100,000 units below retail sales and nearly 500,000 units below the second quarter results. This had a substantial effect on profit and the decline in production resulted in about a $3.0 billion reduction in payables during the quarter. Separation programs resulted in an outflow of $200.0 million for the quarter and we contributed $100.0 million to our non-U.S. pension plans. Ford Credit did not pay Ford a dividend during the third quarter. Including all of these impacts, the total decline in gross cash during the third quarter was $7.7 billion.

Slide 29 summarizes our net liquidity. Total liquidity, including available credit lines, was $29.6 billion and automotive debt was $26.1 billion. Upon implementation of the independent VEBA, we will contribute debt securities with a face value of $6.3 billion to their trust. We have less than $3.0 billion of debt maturities in the next three years.

Now let’s turn to slide 30 and Financial Services. For the third quarter the Financial Services sector reported a pre-tax profit of $159.0 million, down $397.0 million from a year ago. Other financial services reported a loss of $2.0 in the third quarter, down $12.0 million from a year ago. We will cover Ford Credit in more detail on the next slide.

Slide 31 explains the change in Ford Credit’s pre-tax profits for the third quarter compared with a year ago. For the third quarter pre-tax profits were $161.0 million, down $400.0 million from a year ago. The decrease in earnings primarily reflected the non-recurrence of net gains related to market valuation adjustments to derivatives, a higher provision of credit losses, and lower volumes. These factors were partly offset by higher financing margins. The increase in credit losses primarily reflected higher severities and higher repossessions in the U.S. retail and lease portfolio. Residual losses were about the same in the third quarter of 2008 compared with last year, while auction values have declined significantly from last year, the profit implications in the third quarter were mitigated by the $2.1 billion lease impairment charge in the second quarter. We expect auction values to continue to be volatile. We expect Ford Credit to incur a pre-tax loss in the second half of 2008, which is expected to be smaller than its first half pre-tax loss of $262.0 million, excluding the impairment charge. As shown on the memo on the lower left of the slide, Ford Credit’s September 30, 2008, managed assets were $130.0 billion, about $18.0 billion lower than the year ago. This decline is more than explained by lower North American receivables, the impact of divestitures and alternative business arrangements, changes in currency exchange rates, and the second quarter 2008 impairment charge from North American operating lease.

Slide 32 covers the liquidity and funding outlook for Ford Credit. The left box shows Ford Credit’s committed liquidity programs in cash and the utilization of its liquidity sources at the end of the third quarter. Ford Credit’s liquidity exceeded utilization by about $25.0 billion. Ford Credit’s funding strategy includes maintaining liquidity to meet short-term funding while having a substantial cash balance and committed funding capacity. Ford Credit plans to diversify its global asset-backed funding capabilities and renew global asset-backed funding capacity. This includes maintaining a diversity of liquidity providers. As it has done in the past, Ford Credit will continue to explore and execute alternative business and funding arrangements in those locations where we lack diverse funding capability, while also ensuring that Ford has continued support in these markets if needed. The most recent example of such an arrangement is that financial support for Mazda will come from a third party. Global government sponsored programs have been announced to help mitigate the present credit crisis. Ford Credit expects to benefit from these programs both directly and indirectly in the U.S. and in Europe. At the end of the third quarter Ford Credit’s managed leverage was 9.6 to 1 and Ford Credit’s equity was $11.7 billion.

Now on to slide 33, which shows where we are on our planning assumptions and operational metrics for 2008, total industry during the first nine months was equal to a SAR of 14.4 million units in the U.S. and 17.2 million units in Europe. Based on the continued deterioration and economic conditions in the U.S. market we expect that the industry will be lower than the outlook that we communicated previously. We are now projecting total industry, including medium-heavy trucks, to be about 13.7 million units for the full year. We are also seeing increasing weakening across Europe and a result we are now projecting that European full-year industry volumes will be about 16.7 million units. On the operational metrics, the quality of our vehicles has risen consistently for four straight years. Ford Lincoln and Mercury vehicles collectively reduced things gone wrong by 7.7% compared to last year and as noted earlier, our quality has received important third-party endorsements.

Automotive costs have improved by $3.0 billion for the first nine months and we now expect full-year cost reduction to be about $4.0 billion globally, including the impact of last quarter’s impairment. The U.S. market share for the first nine months was 14%, down seven tenth of a point from the same period a year ago, and absolute operating cash flow during the first nine months was $12.3 negative. This was higher than planned and we continue to expect the full year net outflow to be worse than originally projected. Capital expenditure during the first nine months was $4.7 billion and we expect full-year expenditures to be on track with our full-year plan. Overall, as communicated previously, 2008 operating and overall results will be lower than 2007 levels.

Slide 34 covers our production plans for the fourth quarter. In North America the fourth quarter production schedule is 430,000 units, down 211,000 units from 2007 and 40,000 units lower than our prior guidance. Most of this decline is in SUVs and vans. For Ford Europe we expect fourth quarter production of 400,000 units, down about 90,000 from a year ago from our prior guidance. In Volvo we expect fourth quarter production of 77,000 units, down 40,000 from a year ago and down 33,000 from our prior guidance. As you can see from the above chart, overall, compared with last year, our production reductions in the fourth quarter will be greater than those of the third quarter as we respond to the record deterioration in the external environment. As a result, our year-over-year profit decline this quarter may exceed that of the fourth quarter with the resulting impacts on our cash flows.

And now I would like to turn it back over to Alan to summarize our plan going forward.

Alan Mulally – Chief Executive Officer

Thank you, Lewis. Going forward, let’s turn to slide 36. We believe the downturn in industry volume will be now broader, deeper, and longer than previously expected. Industry volumes next year are expected to decline compared with 2008 levels. Some recovery is expected in 2010. Ford’s overall market share should be about the same as 2008 with our new products. We expect the U.S. market to continue to trend toward smaller, more fuel-efficient vehicles going forward. Our suppliers and dealers are under increasing pressure, the financial markets remain volatile but are projected to stabilize and gradually improve over the next year. Commodity prices are expected to remain below recent peaks but likely also will continue to remain volatile. The U.S. dollar has strengthened against most currencies and given the overall uncertainty in the economic environment, we do not plan to provide additional guidance at this time.

Slide 37 summarizes the key aspects of our plan. These have not changed. We are more focused that ever on implementing our transformation plan to respond to the significant challenges presented by the continuing global economic downturn. We are pleased that we went to the capital markets at the right time to obtain liquidity to finance our plan and that we sold non-core brands to raise further capital and allow further focus of our resources. I am especially pleased with how the team is working together to create One Ford and leverage our global resources.

Despite the present turbulence in the worldwide economies, I continue to believe that Ford is well positioned to take advantage of our scale and global product strengths. With a balanced portfolio of small, medium, and large cars, utilities, and trucks, and a sharp focus on the Ford Blue Oval brand across the globe, we can effectively operate through the current downturn. Going forward, this balance portfolio will allow the flexibility to adapt more easily the changes in our environment and begin to grow profitably as the global economy rebounds.