Auto giant Ford reported its worst quarterly earnings in four years on Tuesday, and a net loss of $8.2 billion for 2025, the largest yet since the 2008 recession.

At least some of that is due to the $4.8 billion that the company’s electric vehicle division lost in 2025.

The outlook is still looking bleak. Company executives said they expect to lose $4-4.5 billion more in 2026, and no expectation to breakeven until around 2029.