Model e has lost $3 billion before taxes over the last two years, and is expected to lose another $3 billion this year as the company invests in the new technology, according to a report by Associated Press.

In 2021, Ford’s Model e unit had pretax losses of $900 million. And in 2022, that number was $2.1 billion. Ford reportedly believes Model e will be profitable before taxes by late 2026, with an eight percent pretax profit margin.

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