According to recent reports, Ford Motor Company is expected to lose billions this year on its lineup of electric vehicles. Ford’s second-quarter earnings report forecasts a massive $4.5 billion loss from its EV division. The Dearborn, Michigan-based automaker has been aggressively ramping up its electric vehicle presence to gain an advantage in the relatively new space in the auto industry.

The car manufacturer’s electric “Ford Model e” lineup has already lost $2.8 billion in the first half of the year, where the second quarter alone saw losses of $1.8 billion. According to Ford, the losses are caused by a “pricing environment, disciplined investments in new products and capacity, and other costs.” The EV lineup’s projected full-year 2023 loss more than doubles the $2.1 billion in losses seen last year.

Ford CEO Jim Farley spoke about the inherent volatility of the EV portion of the business in the company’s quarterly earnings release. “The shift to powerful digital experiences and breakthrough EVs is underway and going to be volatile, so being able to guide customers through and adapt to the pace of adoption are big advantages for us,” said Farley. “Ford+ is making us more resilient, efficient, and profitable, which you can see in Ford Pro’s breakout second-quarter revenue improvement (22%) and EBIT margin (15%).”