Any question of what business sector is — and is not — profitable at Ford is no longer a mystery.

Ford lost about $3 billion on its EV and digital services business over the past two years, a unit now known as Model e, and isn't expected to be profitable (on an adjusted basis that removes costs like taxes) until late 2026 with an 8% pretax profit margin, the company said Thursday. Meanwhile, its commercial and traditional internal combustion engine business units, were profitable enough to offset losses incurred by making and selling electric vehicles.