Ford on Tuesday posted its largest quarterly loss since 2008 amid losses in the automaker’s electric vehicle (EV) division, as well as the impact of tariffs and a fire that impacted an aluminum supplier.

The Detroit automaker reported a fourth quarter net loss of $11.1 billion after previously disclosing large writedowns to its EV programs, which the company is realigning in response to lower-than-expected consumer demand and changing federal subsidies.

“I think the customer has spoken,” Ford CEO Jim Farley said on the company’s earnings call. “That’s the punchline.”

The company lost $4.8 billion on EVs last year and projects 2026 will bring losses in the range of $4 billion to $4.5 billion, adding that the division will continue losing money for at least the next two years. Ford CFO Sherry House said during the earnings call that the automaker is targeting break-even for its EV unit in 2029.

Ford also announced a larger than previously reported financial hit from tariff costs, as the company lost an additional $900 million after the Trump administration said in December that a tariff-relief program would only be retroactive to November, rather than back to May as originally anticipated.

FORD CUTS ELECTRIC F-150 LIGHTNING PRODUCTION, TAKES $19.5B CHARGE IN STRATEGIC SHIFT

The automaker’s tariff bill last year was about $2 billion and Ford indicated it expects tariff costs will be roughly the same level this year.

Ford was more reliant on imported aluminum due to a pair of fires that impacted an aluminum plant near Oswego, New York, which isn’t expected to be fully operational again until sometime between May and September.

Despite those headwinds, Ford’s fourth quarter revenue of $45.9 billion beat analysts’ expectations. The company narrowly missed its revised guidance of $7 billion, as it posted earnings before interest and taxes of $6.8 billion for the year.

REGULATORS EXPAND PROBE INTO NEARLY 1.3M FORD F-150 PICKUP TRUCKS OVER TRANSMISSION ISSUES

Ticker	Security	Last	Change	Change %
F	FORD MOTOR CO.	13.80	+0.21	+1.55%

Late last year, Farley announced the company is cutting production of the electric F-150 Lightning and refocusing its investment on hybrid vehicles and affordable EVs, resulting in a $19.5 billion charge on its EV assets and product roadmap.

He said the move would allow the company to refocus investments in higher margin areas like American-built trucks, vans and hybrids across its lineup, as well as more affordable EVs.

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The company is planning a $30,000 EV platform and has signaled it will start rolling out an electric pickup on that platform next year. Ford also plans to pursue targeted partnerships in certain markets and investments in hybrid technologies.

“I do believe this is the right allocation of capital. It’s a combination of partnerships where it makes sense, efficient partial electrification investments where we have revenue power, and really hitting the EV market in the core,” Farley told analysts on a call Tuesday.

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Reuters contributed to this report.

The U.S. Food and Drug Administration (FDA) has elevated a nationwide recall of cake and bread mixes to a Class I designation, its most serious warning, issued when a product poses a risk of severe illness or death.

The recall, first announced in December, involves 866 bags of mixes from Dallas-based distribution company B.C. Williams Bakery Service. These include 51 bags of Spice Cake Mix, 720 bags of Bread and Roll Mix and 95 bags of Swiss Chocolate Cake Mix, according to the FDA.

The mixes may contain an undeclared milk allergen that could trigger life-threatening reactions in people with milk allergies, local outlet WHNT reported.

A Class I recall involves a “situation in which there is a reasonable probability that the use of or exposure to a violative product will cause serious adverse health consequences or death,” according to the FDA’s website.

THOUSANDS OF POPULAR PRODUCTS, INCLUDING DIET COKE, PRINGLES, RECALLED OVER RODENT CONTAMINATION CONCERNS

Milk allergies, one of the most common food allergies in children, can cause symptoms ranging from vomiting and hives to anaphylaxis, a life-threatening reaction, according to the Mayo Clinic.

The recalled products were packaged in 50-pound bags.

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The recalled items include:

• Spice Cake Mix — Batch 221
• Bread and Roll Mix — Lot #072225-217, Lot #072225-218, Lot #080325-200, Lot #080325-201, Lot #081625-203, Lot #081625-204, Lot #092225-222, Lot #092225-223, Lot #092225-224, Lot #092225-225, Lot #092225-226, Lot #092225-227, Lot #092225-228, Lot #101725-208 and Lot #101725-209
• Swiss Chocolate Cake Mix — Lot #072925-220 and Lot #071825-36

It was not immediately clear where the products were distributed or whether any injuries had been reported.

POPULAR SALAD DRESSINGS, SOLD AT COSTCO AND REPORTEDLY PUBLIX, RECALLED OVER ‘FOREIGN OBJECTS’

The upgraded recall comes amid a wave of food safety alerts nationwide.

Thousands of popular products, including Diet Coke and Pringles, are being pulled from some store shelves after federal officials uncovered evidence of rodent and bird contamination at a Midwest distribution center.

Consumers are also being warned to avoid certain cans of Genova Yellowfin Tuna that were mistakenly shipped to stores in nine states despite being recalled last year.

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B.C. Williams Bakery Service did not immediately respond to FOX Business’ request for comment.

To celebrate its 30th birthday, Raising Cane’s pulled off perhaps its most epic celebrity get-together in San Francisco for Super Bowl week.

With partners like Christian McCaffrey working a shift early in Super Bowl week, to Matthew Stafford and his family chowing down some chicken tenders almost immediately after winning his first Super Bowl, the party was on for owner and founder Todd Graves.

“Time flies, right? This is all I’ve done my whole adult life. And the best part about it is, same menu for 30 years, same crew, same culture, same vibe, same great people,” Graves said to Fox Business from the San Francisco Proper, where he hosted A-list celebrities.

CLICK HERE FOR MORE SPORTS COVERAGE ON FOXBUSINESS.COM

Stars including Alix Earle, Jessica Alba, Emma Roberts, Machine Gun Kelly, Cardi B, Logan Paul, and more joined Graves for the can’t-miss Super Bowl weekend in San Francisco, spanning a full hotel takeover and a series of standout events. The weekend kicked off with an exclusive pre-party at Charmaine’s Saturday night, followed by a pre-Super Bowl brunch at Villon Sunday morning, culminating with guests experiencing the Big Game from Todd Graves’ custom Raising Cane’s suites at Levi’s Stadium in Santa Clara.

Graves realized long ago that sports could be the perfect opportunity to get celebrities of all types in the same room in order to build relationships.

“Before I was in business, we live and die by football season,” Graves, a Georgia alum turned die-hard fan, said. “It’s like, hey, football season’s coming. My son’s like, X amount of days till it comes, and when it’s done.

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“But when I opened up in the north gates of LSU, it was in August, opened up during football season, so it was tying into coming to Canes before the game, coming to Canes after the game. Just those game days were just slammed Friday night before everybody’s fired up. Being tied into that emotion, it was something I wanted to tap into, that energy of football, that energy of sports.”

Seattle Seahawks quarterback Sam Darnold will work a shift to celebrate his Super Bowl title, adding to the list of celebrities Graves has gotten to work with.

“I like to be part of big events, pop culture, things that are going on immediately, sports being one of those. It’s having people that are Caniacs, having people that I respect,” Graves said. “I meet people and learn from people. So for me, I’m constantly around business, but if I can be around performers, actors, athletes, learn from them in a different way – success is success, but there’s different ways to go about it, and it really motivates me.”

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“Everybody had a great time and I got to build relationships. I brought different people together from different walks of life, different industries, and everybody had a good time, learned from each other, and created long-term friendships,” Graves added. “So for me, I watch the game, but I get to sit next to so-and-so, and then I get to walk around, and talk to so-and-so. The parties, all those things, everybody had a good time, created great relationships, and we get a good marketing return.”

Mumbai: Canara Bank has reduced its one month and overnight MCLR rates by five basis points to 7.90% and 7.85% respectively. The revised rates, which means cheaper borrowing costs, will take effect from February 12. MCLR (marginal cost of funds based lending rate) is the minimum interest rate a bank must charge for loans, introduced by the RBI to ensure transparent, faster interest rate transmission. The reduction in MCLR rates comes amid a demand for credit, both by retail and who-lesale participants.