“In 2026 and 2027, we expect to record about $7 billion in charges related to our updated EV strategy and the expected disposition of our BOSC investment.”

In context

“ope. We continue to target Model E reaching breakeven in 2029. For Ford Blue, we expect EBIT of $4 to $4.5 billion, reflecting improvement in the underlying business as we recover from Novelis, favorable mix as we lean into our revenue and profit pillars, and continued progress in cost. Exciting new products like Bronco RTR and Mustang Dark Horse SC will help us expand our off-road leadership and grow our performance business. Furthermore, like Pro, we expect continued growth in our software and physical service offerings for retail customers through increased convenience and engagement. Lastly, Ford Credit's EBT will be about $2.5 billion. Relative to special items for 2026, in December, we announced actions to rebalance our EV portfolio and assets and launch more multi-energy platforms. In 2026 and 2027, we expect to record about $7 billion in charges related to our updated EV strategy and the expected disposition of our BOSC investment. Cash expenditures are expected to be up to about $5.5 billion, with most of this weighted in 2026. As I mentioned at the beginning, our 2025 performance demonstrated progress against our Ford Plus plan, not just in growth and profitability, but also quality, capital discipline, the right product portfolio, and consistent cash generation. Our underlying business is strong, and we are relentlessly working to strengthen it further as we continue to focus on improving both quality and cost as well as returns and cash flow. I'll now turn it over to the operator so we can start Q&A. Operator: We will now move to our question and answer session. If you have joined via the webinar, please use the raise hand icon, which can be found at the bottom of your webinar application. If you have joined by”