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Ford expects a profit hit of as much as $2 billion after a devastating fire at a key supplier of aluminum for its top-selling F-150 pickup truck, overshadowing solid Q3 financial results.

The elimination of a $7,500 consumer tax credit and softening of emissions rules by the Trump administration will sharply curtail EV demand in the U.S., Jim Farley said.

The plant, which officially began production Aug. 19, was originally intended to support Ford’s own EV business.

The plan is part of what Farley called a “tremendous pivot” away from its earlier strategy of electrifying its largest models, which it largely abandoned a year ago.

Ford warned profit this year will see a sharp drop on the growing fallout from President Donald Trump’s tariffs, underscoring the policy shifts in Washington that are upending the auto industry.

A spokesperson said the Michigan facility is on schedule to open next year and will ultimately employ 1,700 workers as the company had projected when it downsized the project in late 2023.

Ford is boosting sticker prices on models it builds in Mexico by as much as $2,000 even after its CEO said it would hold the line on pricing to see how rivals would react to 25% auto tariffs.

The automaker expects the duties to reduce 2025 adjusted earnings before interest and taxes by about $1.5 billion on a net basis this year.

Ford Motor Co. won’t increase the price of its vehicles until it sees how competing carmakers respond to higher costs imposed by President Donald Trump’s tariffs.

Ford is preparing to raise prices on cars rolling off assembly lines starting next month if President Donald Trump doesn’t deliver on the tariff relief he has hinted at for automakers.