Hit by a demand evaporation resulting from COVID-19 led lockdowns, United States plane maker, Boeing, has slashed production on its wide body programs.
It has delayed arrival of its newest jet and confirmed the demise of its iconic 747 Jumbo Jet. Plane maker reported a bigger than expected quarterly loss.
The U.S. plane maker which is also grappling with the 16-month old ban on its 77 max after fatal crashes, delayed its timeline to hit the build rates of 31 narrow bodies monthly to early 2022 from 2021.
The pandemic has decimated new margin demand. The production cuts reflect concern among aviation companies across the board about the impact of coronavirus recovery.
Global airlines have warned that it would take a year longer than expected for air traffic to return to normal levels with long-range travel hit harder than shot operations
The outbreak of coronavirus has crippled passenger travel and pushed major airlines to the brink of bankruptcy, resulting in many carriers deferring aircraft deliveries.
Boeing also confirmed the last 747 iconic Jumbo Jet that democratized global air travel in 1970s but fell behind modern twin engine aircraft.
It would roll out of its Seattle area factory in around two years for the last time.
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