Ford lost $1.3bn in operating earnings due to the United Auto Workers’ strike of nearly six weeks, the company said on Thursday, a day after striking a deal with the union.
The company made 80,000 fewer cars and trucks than it otherwise would have churned out during the days workers were on strike, said Ford chief financial officer John Lawler.
The lost earnings at the vehicle maker eclipse the damage at Detroit rival General Motors, which said on Tuesday the strike had cost it $800mn in earnings before interest and taxes. GM put the weekly cost at $200mn in operating earnings, while Ford priced the impact at $400mn. Stellantis, the group behind the Jeep and Chrysler brands, has not yet said how much the strike is setting it back.
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