Nevertheless, Ford may be in a more favorable position than many of its competitors, with an estimated 80% of its U.S. sales in 2024 derived from vehicles assembled domestically. The company boasts a current market capitalization of $44 billion.

Ford reported second-quarter operating profit of $2.1 billion, better than the $1.9 billion Wall Street expected. Ford’s adjusted number, however, didn’t include $1.3 billion in special charges.

On July 30, Ford said it now expects its full-year adjusted EBIT to be $6.5 billion to $7.5 billion, which includes a net tariff-related cost of $2 billion. Ford also expects to generate $3.5 billion to $4.5 billion in adjusted free cash flow. It expects to spend $9 billion to maintain and operate the business.