GM: 40-day strike with UAW cost nearly $4 billion

Oct. 29 (UPI) -- A labor walkout that lasted for more than a month cost General Motors nearly $4 billion, the automaker said Tuesday.

GM said in its third quarter earnings report it took a $3.8 billion hit due to the walkout by tens of thousands of United Auto Workers members. The strike began in mid-September and ended earlier this month.

Many experts projected the cost related to the strike at about $2 billion.

The 40-day strike was the longest between UAW and GM since a 67-day strike in 1970.

The automaker said $900 million was lost in interest and taxes and $2.9 billion was lost in profit.

GM CFO Dhivya Suryadevara said about 300,000 production units were lost in the strike. CEO Mary Barra said there's "a lot of work to do" to make up for the losses.