Ford has revealed that the United Auto Workers (UAW) strike against it cost the firm cost it $1.3 billion and slashed $1.2 billion in third-quarter net income.
The union’s strike on Ford stretched on for 41 days and only ended on Wednesday evening when it struck a tentative agreement with the car manufacturer. According to Ford chief financial officer John Lawler, the strike canceled production of 80,000 vehicles and cost it roughly $100 million in the third quarter. As the strike stretched into October, it cost it a further $1.2 billion, promoting Ford to withdraw its full-year guidance while waiting on UAW members to vote on the agreement.
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