© Reuters. FILE PHOTO: Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang Rattay/File Photo
(Reuters) – Ford Motor (NYSE:) Co on Thursday withdrew its full-year results forecast due to the pending ratification of its deal with the United Auto Workers (UAW) union, sending shares of the company down 7% in aftermarket trade.
The union and Ford on Wednesday reached a tentative agreement that included a 25% wage hike for 57,000 workers over 4-1/2 years, ending a strike at some of the automaker’s biggest factories.
The total economic loss from the strikes at the Detroit Three automakers has reached $9.3 billion, consultancy Anderson Economic Group said earlier this week.
Ford’s Detroit rival General Motors (NYSE:) on Tuesday withdrew its 2023 profit outlook due to the strike. Later in the day, the UAW expanded the strike to include the automaker’s assembly plant in Texas that builds its profitable full-size sport utility vehicles.
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