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 managed to beat Wall Street’s expectations for the fourth quarter of 2024, posting $48.2 billion in revenue, up $2.2 billion year-over-year. Gains from its gas-powered vehicle sales helped offset net losses from an unprofitable EV business.