Ford is the first major automaker to report earnings since Trump signed an executive order stating that the U.S. would impose 25% tariffs on goods from Mexico and Canada, which would affect Ford.

For the full year of 2024, Ford posted a net income of $5.9 billion on adjusted earnings of $10.2 billion. Its electric vehicle business, however, lost $5.1 billion, even worse than its loss of $4.7 billion the year prior. It expects to lose even more, $5.5 billion, on EVs in 2025.

Ford revealed in its latest earnings report that its Model e electric vehicle division is expected to see losses above $5 billion in 2025, similar to last year.

Ford’s Model e electric division has stacked up some staggering losses in recent years, recording a $5.1 billion shortfall in 2024. Unfortunately, the automaker said it expects to lose even more in 2025 as a challenging market and an unpredictable political landscape take their toll.

Tariffs could compound Ford’s problems. President Donald Trump’s threats to impose 25% tariffs on imports from Mexico and Canada could fur