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Production slows for Boeing 747-8 as demand drops for jumbo

Boeing has announced that it will reduce the production rate for the Boeing 747-8 jumbo jet program from 1.75 to 1.5 aircraft per month until 2015.

747-8 Production Cut

As the economy continues to bite around the world the lower demand in the large passenger and freighter aircraft market has suffered..

“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,” said Eric Lindblad, vice president and general manager, 747 Program, Boeing Commercial Airplanes.

“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 company expects long-term average growth in the air cargo market to begin returning in 2014, and forecasts a global demand for up to 760 large airliners (such as the 747-8) over the next 20 years, valued at $280 billion.

The 747-8 family provides airlines with double-digit improvements in fuel efficiency, operating costs and emissions, while being 30 percent quieter and adding more capacity. To date, the 747-8 has accumulated 107 orders for passenger and cargo versions, 56 of which have been delivered.

The first delivery at the new production rate is expected in early 2014.  According to Boeing this production rate change is not expected to have a significant financial impact.

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