Lower market demand for the planes both as passenger and freight carriers is once more the reason Boeing gives for the cutback. The number of orders for the 747-8 has fallen from 110 in April to 107 currently and Boeing has delivered a total of 56 of the planes to date. As of April’s announcement Boeing said it had delivered 46 747-8s.
A company executive said:
This production adjustment better aligns us with near-term demand while stabilizing our production flow, and better positions the program to offer the 747-8’s compelling economics and performance when the market recovers. Although we are making a small adjustment to our production rate, it doesn’t change our confidence in the 747-8 or our commitment to the program.
The 10 planes delivered since April were built at the original production rate. Deliveries at the new rate are expected to begin next year.
Boeing’s stock is up about 0.1% Friday, at $122.48 after posting a new 52-week high of $122.81 earlier in the day. The 52-week low is $69.30.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.