Washington, D. C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                         Date of Report May 23, 2003
                        (Date of earliest event reported)

                               FORD MOTOR COMPANY
             (Exact name of registrant as specified in its charter)

                 (State or other jurisdiction of incorporation)

                  1-3950                                38-0549190
                  ------                                ----------
         (Commission File Number)              (IRS Employer Identification No.)

 One American Road, Dearborn,  Michigan                     48126
 --------------------------------------                     -----
(Address of principal executive offices)                   (Zip Code)

         Registrant's telephone number, including area code 313-322-3000


Item 5.  Other Events.

     Our news release dated May 23, 2003 concerning  valuation of stock options,
filed as Exhibit 20 to this report, is incorporated by reference herein.

Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.


Designation           Description                    Method of Filing
-----------           -----------                    ----------------

Exhibit 20            News Release dated
                      May 23, 2003                   Filed with this Report


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized on the date indicated.

                                           FORD MOTOR COMPANY

Date:  May 23, 2003                        By: /s/Peter Sherry, Jr.
                                               Peter Sherry, Jr.
                                               Assistant Secretary


                                  EXHIBIT INDEX

Designation           Description
-----------           -----------

Exhibit 20            News Release dated May 23, 2003