Ford Motor on Thursday pegged the cost of a new labor deal at $8.8 billion and joined rival General Motors in cutting its full-year profit forecast due to lost production from a lengthy strike at its U.

Ford Motor on Thursday pegged the cost of a new labor deal at $8.8 billion and joined rival General Motors in cutting its full-year profit forecast due to lost production from a lengthy strike at its U.

Ford Motor on Thursday pegged the cost of a new labor deal at $8.8 billion and joined rival General Motors in cutting its full-year profit forecast due to lost production from a lengthy strike at its U.

The deal with the United Auto Workers (UAW) union, reached after weeks of tense negotiations, will add about $900 in labor costs per vehicle by 2028. Ford said it would work to offset that by cutting costs elsewhere.

Ford is estimating that the company lost $1.7 billion in profits this year due to the six-week long strike by United Auto Workers (UAW). Ford Chief Financial Officer John Lawler said in a company press release that there were $1.

Ford said Thursday the United Auto Workers strike cost the company $1.7 billion in lost profits as it reported before-tax, full-year 2023 earnings expectations of $10 billion to $10.5 billion.