Ford Motor Co. is forecasting weaker earnings growth for this year and further losses in its electric vehicles business as it works to control costs.

The automaker said Wednesday that it expects its full-year adjusted pretax income to range between $7 billion and $8.5 billion. The company’s adjusted pretax income was $10.2 billion in 2024.

The company cited “headwinds related to market factors.”

Ford has been grappling with stubbornly high warranty expenses and lagging cost-cutting efforts. In the July-September quarter, the company took $1 billion in accounting charges to write down assets for a canceled three-row electric SUV.

Model e, Ford’s electric vehicle business, posted a full-year loss of $5.08 billion for 2024 as revenue fell 35% to $3.9 billion. The company’s outlook calls for the EV unit to lose between $5 billion and $5.5 billion this year.

Ford said that the Model e segment’s losses are due in part to continued investment in future products, and touted $1.4 billion in net cost improvements even as the company increased spending to launch new battery plants and new electric vehicles.

The automaker laid out a similarly downbeat outlook for Ford Pro, its commercial vehicle unit, and Ford Blue, which makes gas and hybrid vehicles.

The automaker projects Ford Pro’s full-year pretax profit between $7.5 billion and $8 billion, down from $9.02 billion this year. Ford forecast pretax earnings between $3.5 billion and $4 billion for its Ford Blue unit, down from $5.28 billion this year.

Ford also announced its fourth-quarter financial results, which topped Wall Street’s estimates. Still, the outlook appeared to spook investors, which sent shares in the Dearborn, Michigan, automaker down 5.1% in after-hours trading. The stock closed 1.5% lower during regular trading.