Honda racked up a 423.9 billion yen ($2.7 billion) loss Thursday, the first-ever full year loss for the Japanese automaker, acknowledging heavy costs for its electric-vehicle plans, stemming from President Donald Trump’s pro-U.S. policies.

The Japanese automaker said losses related to its EV operations are estimated to total 2.5 trillion yen ($16 billion), incurred mostly in the fiscal year just ended and the current fiscal year.

Analysts say Honda Motor Co. might have been too ambitious too fast, when many markets weren’t ready. As a result, Honda abandoned many of its plans for EV models, including those in the works in a joint venture with Sony Corp.

“EV demand has declined considerably, due to the rollback of environmental regulations in the U.S.…