Boeing will put an end to the production of its 747 jumbo jets according to a report by Bloomberg. The iconic 747 jumbo jets, specifically, the 747-8’s production will come to an end in two years after half a century of facilitating air travel.
A Boeing spokesperson chose not to confirm or deny the shutdown saying the jets still have “more than two years” of production left to fulfill orders. Bloomberg, however, cites “subtle wording changes” in financial statements.
Boeing at the moment is facing both a hostile market and other acceptance issues of the 747. The air travel industry had shifted toward smaller, more fuel-efficient twin-engine jets like its 787 Dreamliner. In fact, its last passenger order was for Air Force One in 2017.
Also read:
– Make 737 Max Great Again, As Boeing Plans To Resume Production Of The Troubled Aeroplane
– Boeing And FAA Begin 737 Max Test Flights To Determine Its Safety
– NASA Offers $35,000 To Anyone Who Can Design A Toilet For The Moon
In addition to this, the COVID-19 pandemic has shrunk air travel making passengers few and between with likely lasting implications.
Boeing still has 15 more 747 orders to fulfill and even those are for freighter use. 12 of those 747 orders are for delivery service, UPS. The 747-8 also blew its budget, losing the company money. Boeing has lost an estimated $40 million for each 747 since 2016. One major reason was that it slowed production making just six jets a year according to Jefferies analyst, Sheila Kahyaoglu.
The first 747 was built over 50 years ago and its target was to reduce seat cost by 30% to popularise air travel. It began service with Pan Am airlines on 22nd January 1970 and was the first plane dubbed a “Jumbo Jet”. Since then, over 1,500 orders have been fulfilled.
For your daily dose of tech, lifestyle, and trending content, make sure to follow Plat4om on Twitter @Plat4omLive, on Instagram @Plat4om, on LinkedIn at Plat4om, and on Facebook at Plat4om. You can also email us at info@techtalkwithtdafrica.com and join our channel on Telegram at Plat4om. Finally, don’t forget to subscribe to our YouTube channel HERE.