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Sales of the company’s electric cars dropped in the first three months of the year, even as other automakers sold more battery-powered vehicles.

Ford Motor attributed the loss in the fourth quarter to charges related to pension plans and a restructuring of overseas operations.

The automaker has placed a bet on electric vehicles, but it has struggled to produce and sell the vehicles in large numbers.

A tax benefit boosted quarterly earnings, but that masked a decline in earnings from carmaking caused by intensifying competition.

Automakers sold more cars in 2023 than a year ago as supply chain chaos ended, but sales are now under pressure from higher interest rates.