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.

(Reuters) -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.S. plants.

Ford Motor Co. says a six-week strike by the United Auto Workers union cut sales by about 100,000 vehicles and cost the company $1.7 billion in lost profits this year

Ford Motor Co. restored financial guidance Thursday, saying profits would come in lower than earlier projections due to rising labor costs from its new contract with the United Auto Workers union.

Ford Motor on Thursday said the U.S. auto workers' strike has led to a $1.7 billion hit to its profit and lost production of thousands of vehicles, as it cut its full-year earnings forecast to account for the recently struck labor deal.

Ford pegged the cost of the six-week UAW strikes at $1.7 billion, more than rival GM's $1.1 billion estimate, while issuing an updated2023 profit forecast.

The Dearborn automaker had withdrawn its annual guidance last month pending the ratification of a tentative agreement.