This is a period when we've just got to take the medicine and swallow it.

Even at $4 a gallon, [buying a hybrid] is not a financial decision I'd make because you've got to pay about $4,000 or more upfront [in higher sticker price] for the privilege of driving around in a hybrid.

We'd be in Chapter 11 if we hadn't made so much money on SUVs in the 1990s.

People that are buying are using some of the incentives in the same way they're using the interest rates on mortgages. There, they're buying more home or financing renovations. Here, they're buy more features on cars, or buying the next class up in cars.

If you can sell 100,000-plus Fusions and 100,000 Five Hundreds, you are back in the car business.

Probably the reason why '03 was lower than '02, and the reason that we don't think '04 will is necessarily going to be a blockbuster, is despite these good economic data coming in, we sold so many cars using incentives in '01 and '02, we didn't get the spring board effect you usually see.

The person who buys a Focus is more likely to stay with us to move into a mid-size car or SUV or pickup trucks.

Anytime you go from higher sales rates to lower sales rates, you're going to have to make some inventory adjustments. And it's clear there's more capacity being aimed at most profitable market in the world -- the North American light truck market. But you could see this coming a mile away. I think we are well positioned.

I think we're going to face some headwinds in this category.