The Ford Motor Co. said on Nov. 30 that the United Auto Workers (UAW) strike cost the company $1.7 billion in lost profits. As a result of the strike, consumers will be paying about $900 more per Ford product by 2028, the company said.

Ford Motor on Thursday said the U.S. auto workers' strike has led to a $1.7 billion hit to its profit and lost production of thousands of vehicles, as it cut its full-year earnings forecast to account for the recently struck labor deal.

The votes locks in the UAW’s tentative agreement with the Detroit Three automakers through April 2028, which includes a 25% increase in base wages.

Nearly 70% of UAW members at Stellantis and over 68% of Ford workers voted in favor of the new contracts, according to the union's vote counters. United Auto Workers (UAW) union members voted Friday to ratify the new contracts reached with Stellantis ( STLA) and Ford ( F) during the union's historic strike against the Big Three automakers.

Ford CFO John Lawler on Thursday revealed the automaker lost $1.7 billion in profits due to the United Auto Workers union's weekslong strike against the company.

United Auto Workers (UAW) members at Ford Motor have voted in favor of a tentative labor deal, the union's vote tracker showed on Friday, locking in a contract that offers record pay hikes and bolsters its push for unionization at other carmakers.

Ford shares fell after the company reinstated its 2023 guidance, which it previously withdrew during the United Auto Workers union strike.

As a result of the 2023 UAW contract, Ford Motor Co. said Thursday its labor costs in North America will increase by $8.8 billion over the life of the contract due to gross wages, accelerated wage progression for workers and cost-of-living adjustments.