, which we believe will help provide financial flexibility against pricing volatility. Ford maintains strong liquidity with total automotive cash of $32 billion cash and $40 billion in total liquidity. We believe the company?s strong liquidity offers meaningful financial flexibility against volatile volumes (short of an industry downturn) and potential cost pressures. We anticipate Ford's cash balances will remain above its stated target of $20 billion over the next 12- 24 months . We believe FMCC's good track record in offering seamless financing to support sales strengthens Ford's competitive advantage. Other positive credit considerations include strong global credit loss metrics, a well-managed lease mix with below-industry-average exposure to residuals, and our expectation for limited balance sheet growth, supporting strong cash
