Ford Motor Co. shares extended their slide Thursday as the carmaker’s soft outlook for this year spooked Wall Street.

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.

Ford Motor (F) stock declined 4.5% in yesterday’s after-hours trading despite reporting better-than-expected Q4 results. The drop came after

Ford Motor on Wednesday projected up to $5.5 billion in losses on its electric vehicle and software operations this year, a loss similar to last year and a sign of the severe difficulties in cutting costs on battery-powered models.

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.

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.