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Tariffs of 25% on imports from Canada and Mexico threaten to exacerbate an automotive affordability crisis that is already driving buyers out of the market.

Ford Motor Co. is eliminating stock award bonuses for about half of its middle managers in an effort to boost performance as the automaker confronts declining profit and high costs.

Ford CEO Jim Farley will travel to Washington on Feb. 12 to warn Congress that the 25% tariffs President Donald Trump has proposed on Canada and Mexico would “blow a hole” in the auto industry.

Ford warned that profit may fall by $2 billion or more in 2025 on lower vehicle prices and costly new-model launches, adding to risks posed by potential new tariffs and dimming demand for plug-in cars.

Slowing electric-vehicle adoption is likely to accelerate even further as President-elect Donald Trump delivers on his promise to gut plug-in friendly policies.

Ford plans to shut down the Michigan factory that produces its F-150 Lightning plug-in pickup truck through the end of the year as demand for EVs continues to wane.

Adjusted earnings before interest and taxes this year will be about $10 billion, down from a previous outlook for as much as $12 billion, the company said Oct. 28.

Volkswagen AG’s forthcoming Scout line of battery-powered sport utility vehicles and pickup trucks is adding gasoline-fueled internal combustion engines to the mix.

Sluggish car sales are expected to pick up later this year once the U.S. presidential election is over and the Fed’s recent reversal on interest rates starts to ease financing costs.

Ford Motor Co. is offering free home chargers and installation to buyers of its electric vehicles in a bid to boost sales and overcome range anxiety among mainstream car shoppers.