What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-02-11 compared with 2025-02-06 · 20 added, 19 removed, 81 unchanged (33% of the section changed)

3 unchanged sentences

Our facilities are situated in various sections of the country and include assembly plants, engine plants, casting plants, metal stamping plants, transmission plants, and other component plants.

Most of our distribution centers are leased (we own approximately 34% of the total square footage and lease the balance).

The majority of the warehouses that we operate are leased, although many of our manufacturing and assembly facilities contain some warehousing space.

Most of our distribution centers are leased, though some of the larger locations are owned (we own approximately 37% of the total square footage and lease the balance).

The majority of the warehouses that we operate are leased, though some of the larger warehouses are owned and many of our manufacturing and assembly facilities contain some warehousing space.

Substantially all of our sales offices are leased space.

6 unchanged sentences

We have one consolidated joint venture with manufacturing operations, which is in our Ford Blue segment:

• Ford Vietnam Limited — a joint venture between Ford (75% partner) and Diesel Song Cong One Member Limited Liability Company (a subsidiary of the Vietnam Engine and Agricultural Machinery Corporation, which, in turn, is majority owned (87.43%) by the State of Vietnam represented by the Ministry of Industry and Trade) (25% partner).

• Ford Vietnam Limited — a joint venture between Ford (75%) and Diesel Song Cong One Member Limited Liability Company (a subsidiary of the Vietnam Engine and Agricultural Machinery Corporation, which, in turn, is majority owned (87.43%) by the State of Vietnam represented by the Ministry of Industry and Trade) (25%).

Ford Vietnam Limited assembles and distributes a variety of Ford passenger and commercial vehicle models.

5 unchanged sentences

AAT produces Ford and Mazda products for domestic and export sales.

• BlueOval SK, LLC — a 50/50 joint venture among Ford, SK On Co., Ltd., and SK Battery America, Inc.

(a wholly owned subsidiary of SK On) that is building and will operate electric vehicle battery plants in Tennessee and Kentucky to supply batteries to Ford and Ford affiliates.

• BlueOval SK, LLC (“BOSK”) — a 50/50 joint venture among Ford, SK On Co., Ltd.

(“SK On”), and SK Battery America, Inc.

(“SKBA,” a wholly owned subsidiary of SK On) formed to build and operate an EV battery plant in Tennessee and two EV battery plants in Kentucky to supply batteries to Ford and Ford affiliates.

On December 9, 2025, Ford, SK On, SKBA and BOSK entered into a Joint Venture Disposition Agreement, pursuant to which Ford’s membership interest in BOSK will be redeemed and a Ford subsidiary will receive the two BOSK plants and related assets in Kentucky and will assume the related liabilities.

Closing on the transactions contemplated by the Joint Venture Disposition Agreement is expected in the first half of 2026.

• Changan Ford Automobile Corporation, Ltd.

1 unchanged sentence

CAF operates four assembly plants, an engine plant, and a transmission plant in China where it produces and distributes a variety of Ford and Lincoln brand passenger vehicle models.

• Ford Otomotiv Sanayi Anonim Sirketi (“Ford Otosan”) — a joint venture in Türkiye among Ford (41% partner), the Koc Group of Türkiye (41% partner), and public investors (18%) that is the sole supplier to us of the Transit, Transit Custom, and Transit Courier commercial vehicles and the Puma for Europe and the sole distributor of Ford vehicles in Türkiye.

Ford Otosan also manufactures Ford heavy trucks for markets in Europe, the Middle East, and Africa.

• Ford Otomotiv Sanayi Anonim Sirketi (“Ford Otosan”) — a joint venture in Türkiye among Ford (41%), the Koc Group of Türkiye (41%), and public investors (18%) that is the sole supplier to us of the Transit, Transit Custom, and Transit Courier commercial vehicles and the Puma for Europe and the sole distributor of Ford vehicles in Türkiye.

Ford Otosan also manufactures Ford heavy trucks for global distribution, except for markets in the Americas, China, and Taiwan.

The joint venture owns three plants, a parts distribution depot, and a research and development center in Türkiye, and a combined vehicle and engine plant in Romania.

Properties (Continued)

• JMC — a publicly-traded company in China with Ford (32% shareholder) and Nanchang Jiangling Investment Co., Ltd.

(41% shareholder) as its controlling shareholders.

• JMC — a publicly-traded company in China with Ford (32%) and Nanchang Jiangling Investment Co., Ltd.

(41%) as its controlling shareholders.

Nanchang Jiangling Investment Co., Ltd.

16 unchanged sentences

Individual product liability matters that have more than a remote risk of loss and such loss would likely be significant if the matter is resolved unfavorably to us would be described herein.

Currently there are no such matters to report.

Below is a product liability matter currently pending against Ford:

Plaintiffs in this product liability action pending in Georgia state court allege that the roof of a 2002 Ford F-250 involved in a rollover accident was defectively designed.

During the first trial in 2018, the judge declared a mistrial, ruled that Ford’s attorneys had violated pre-trial rulings while presenting evidence, and sanctioned Ford by prohibiting Ford from introducing any evidence at the second trial to show that the roof design of the F-250 was not defective.

During the second trial in August 2022, a jury found that Pep Boys (the party that sold the tires on the vehicle involved in the rollover accident) was responsible for 30% of the damages, and Ford, as a direct result of the sanctions order prohibiting Ford from presenting its defense, was responsible for 70% of the damages, resulting in $16.8 million in damages being apportioned to Ford.

The jury subsequently awarded punitive damages against Ford in the amount of $1.7 billion.

We filed post-trial motions seeking a new trial, and on September 14, 2023, the trial court denied our post-trial motions.

On October 13, 2023, Ford filed a notice of appeal with the Georgia Court of Appeals, and on November 1, 2024, the Georgia Court of Appeals vacated the trial court’s judgment and remanded the matter for a new trial.

On November 7, 2024, the plaintiffs filed their notice of intent to petition the Georgia Supreme Court for a writ of certiorari, and on December 19, 2024, the plaintiffs filed their petition with the Georgia Supreme Court.

Ford filed its response to the petition on February 5, 2025.

Currently, there is one such matter to report:

Plaintiff, Robert Hetsler, filed this product liability action against Ford in the Circuit Court of the Fourth Judicial Circuit in and for Duval County, Florida on April 24, 2020 alleging that a 2016 Roush Mustang had a manufacturing defect in an unidentified component of the engine compartment that resulted in a fire.

After a trial in February 2024, a jury found Ford liable and awarded plaintiff $103 million in damages.

On August 22, 2024, Ford appealed the judgment to the Fifth District Court of Appeal.

Ford believes a new trial is warranted based on the trial court’s improper instructions to the jury and the trial court’s improper admission of undisclosed expert opinions.

On November 18, 2025, the Fifth District Court of Appeal issued a per curiam affirmance with no written opinion.

On December 3, 2025, Ford filed a Motion for Issuance of a Written Opinion, Including a Certification to the Florida Supreme Court, or in the Alternative, for Rehearing En Banc.

The Fifth District Court of Appeal has not ruled on Ford’s motion.

ASBESTOS MATTERS

38 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties