Ford Motor disclosed Thursday that its electric vehicle unit, called Ford Model e, lost $2.1 billion in 2022 — and could lose as much as $3 billion in 2023.

But the company also forecast a drastic turnaround, reiterating that it expects its EV business to be solidly profitable by the end of 2026. So how will it pull that off?

The automaker’s answer started with a single slide it presented during a “teach-in” for analysts and investors in New York on Thursday.