DETROIT (AP) — Ford’s electric vehicle business has lost $3 billion before taxes during the past two years and will lose a similar amount this year as the company invests heavily in the new technology.

The figures were released this morning as Ford rolled out a new way of reporting its financial results. The new business structure separates electric vehicles, the profitable internal combustion and commercial vehicle operations into three operating units. Company officials said the electric vehicle unit will be profitable before taxes by late 2026 with an 8 percent profit margin. Chief Financial Officer John Lawler said Model e should be viewed as a startup company within Ford.