© David Ryder/BloombergBoeing Co. facility in Everett, Washington
The company previously announced it would halve production of the aircraft from 12 per year to just six beginning in September.
Dubbed the "queen of the skies," the world's original jumbo jet has long been a favorite of the flying public. The aircraft made its commercial debut in 1970, and more than 1,500 have now been delivered. But interest in the 747 has waned in recent years as airlines shifted most of their purchases to smaller, two-engined aircraft in order to save on fuel costs. The Airbus A380, another massive jumbo jet, has also suffered from weak demand. The 747 program has also been hit by slower growth in the air cargo business.
Boeing has at least one more high-profile 747 order to fill. In 2015, the Pentagon announced the next generation of Air Force One would be a military version of the 747.
Boeing (BA) shares are down roughly 7% so far this year. On Wednesday, the company said it lost $234 million during the most recent quarter.
This plane is a flying coffin. First of all during take off , it has to reach a 45 degree angle. This is unheard of for any other airliner.
Yes, at the time it was designed it was the biggest airliner but by now it's outdated.
Secondly and especially if it has to go through cross winds you feel like the entire plane will come apart in mid air. I wonder what kind of third world idiots are still buying this plane. Apparently either they DON'T know what they are buying or they are on the take which really wouldn't surprise me.