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 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.

F ord Motor has provided a new annual earnings forecast after previously withdrawing guidance due to the United Auto Workers strike, which the auto giant said resulted in $1.7 billion in lost profits.

Additional labor costs from the agreement will total $8.8 billion by the end of the contract, translating to about $900 per vehicle by 2028, the company said.

A six-week United Auto Workers strike at Ford cut sales by about 100,000 vehicles and cost the company $1.7 billion in lost profits this

The Dearborn automaker had withdrawn its annual guidance last month pending the ratification of a tentative agreement.