Considering the market need and customer attraction, automakers are always trying to define new projects and present products with new capabilities in the market. That is why a significant part of car companies’ development research is focused on the definition of new projects. Principally, project risk management in car companies is essential and thus given special attention. There are different theories and methods of project risk control. However, since there is complete awareness of FMEA-related issues (Failure Mode and Effects Analysis) in automotive companies due to the establishment of the quality management system, the project's risk analysis using FMEA method to control the risk of automotive industry projects is presented in this paper by a real example. For this purpose, FMEA indicators tables are designed and presented proportionally to project risk management. Results of this research show that using failure mode and effects analysis for project risk management ensures the detection of project's weaknesses and provides a practical model for identification and reduction of project risks.