(Reuters) – Ford Motor withdrew its annual revenue forecast on Thursday pending the signing of an agreement with the main American union of auto workers (UAW) to end a strike movement unpublished.
The automaker’s stock plunged 7% in after-hours trading.
A preliminary agreement was reached Wednesday between Ford and the UAW on a 25% wage increase for its approximately 57,000 unionized employees over the next four and a half years.
According to the consulting agency Anderson Economic Group, the total economic loss caused by the strike, which also affected General Motors and Stellantis factories, amounts to $9.3 billion.
General Motors withdrew its annual profit forecast on Tuesday, citing the strike.
Ford on Thursday reported an 11% increase in quarterly revenue to $44 billion, with a profit of $1.2 billion compared to a loss of $827 million a year earlier.
It warned it could record a heavier-than-expected loss for its electric vehicle unit due to the current price war.
(Reporting Nathan Gomes in Bangalore; Jean Terzian)
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