Boeing suffers $2,4 billion loss, delays 777X until 2022

Editorial

Boeing has reported a loss of 2,4 billion dollars over the second quarter of 2020. The aircraft manufacturer will end the 747 program and has delayed its first 777X delivery until 2022.

Boeing suffered a total loss of $2,395 billion in Q2, the period from April to June. Boeing’s quarter revenue was $11,807 billion, 25 percent lower year-on-year. CEO Dave Calhoun indicates that the company puts employee safety first in the coronavirus pandemic, adding that the company is working intensively with its customers, suppliers and partners to emerge stronger from the crisis.

In addition to the end of the 747 program over two years, Boeing also announced that delivery of the 777X will be delayed to 2022. This was in line with expectations. Demand for new aircraft has dropped since the beginning of the coronavirus pandemic. This is not just caused by the corona crisis, but also because of the trade restrictions between the United States and China. This makes it more difficult for Chinese customers to receive the aircraft.

The first 777X was originally set to be delivered to Emirates in 2020, the aircraft’s launch customer. Due to problems with the aircraft’s GE9X engines, however, the aircraft’s development was already delayed once. Before today’s announcement, the first aircraft was scheduled to be delivered in 2021.

You can read the full letter here.

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