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.

Even though everyone was told for years that “electrification is the future” it seems for Ford the near future is all about internal combustion engines. Once again, the American automaker posted a huge loss for its EV division,