Ford revealed that its EV unit is losing billions of dollars and says it should be viewed as a startup, one Ford is committed to.

Like virtually every automaker, Ford is leaning heavily into electric vehicles. The company has already become the second-largest EV maker and expects 40% of its lineup to be electric by 2030.

According to AP News, Ford’s gains in the EV market are coming at a steep price. The company’s EV unit lost $3 billion before taxes over the last two years and is expected to lose a similar amount this year.

Despite the early losses, Ford expects its EV division, “Ford Model e,” to be profitable before taxes by late 2026. The company was less than forthcoming about when the unit would cross the profitable mark.

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