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Ford says autoworkers strike cut sales by 100,000 vehicles and cost company $1.7 billion in profits

DETROIT (AP) — Ford Motor Co. says a six-week strike by the United Auto Workers union cut sales by about 100,000 vehicles and cost the company $1.7 billion in lost profits this year. Additional labor costs from the four-year and eight-month deal will total $8.8 billion by the end of the contract. That translates to increased costs of about $900 per vehicle by 2028, Chief Financial Officer John Lawler said Thursday. The company will work to offset that through higher productivity and reducing expenses. The Dearborn, Michigan, automaker resumed full-year earnings guidance it had withdrawn during the strike but reduced it from earlier in the year. The company now expects to earn $10 billion to $10.5 billion before taxes in 2023. The UAW strike began Sept. 15 and ended at Ford Oct. 25.

Article Topic Follows: AP National

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