Ford has lost billions of dollars from shifting to EVs, and plans to lose even more this year before they see a profit from the new technology, Detroit Free Press reports.

According to figures released by Ford, the company has lost “$3 billion before taxes” over the past two years, and will likely lose more this year. 

With these figures, the automaker also introduced a new way of categorizing its operations by separating them into three segments: electric vehicles, internal combustion engine vehicles, and commercial vehicles.

The company said that by late 2026, the EV component of the business, titled “Ford Model e,” will be making a profit, but it wasn’t disclosed when profits would begin to be seen from the company’s EVs.

John Lawler, Ford's chief financial officer, believes the EV component should be viewed as a “startup.”

“As everyone knows, EV startups lose money while they invest in capability, develop knowledge, build (sales) volume and gain (market) share,” Lawler stated.

With plans to produce up to 600,000 EVs by the end of this year and two million per year by late 2026, Lawler said that “after 120 years, we've essentially re-founded Ford.”