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, the Dearborn automaker recorded a $10.2 billion adjusted operating profit, a 5.5% margin, on revenue of $185 billion, which was up 5% from 2023 and marked Ford's highest revenue year.