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.

Ford’s electric vehicle and software business lost $5.1 billion in 2024, up from $4.7 billion lost in 2024. And the automaker doesn’t anticipate any relief this year, when it predicts it will lose as much as $5.