Boeing has announced plans to stop the production of its 747 jets by 2022, a move that is foreseen to result into more job cuts; greater than the 16,000 the company had already announced in May this year.
Already, airlines including British Airways and Qantas have announced plans to completely retire the 747 from their fleet, citing a downturn in travel caused by the global pandemic.
British Airways already had plans to retire the planes in 2024. However, the pandemic fast-tracked the retirement of the ‘Jumbo Jet’. The airline announced it would now operate more fuel-efficient planes like the Airbus A350 and the 787 Dreamliner.
However, the company will continue to produce 0.5 747s per month until all orders are fulfilled. It will also continue to service the 747s already on the market for decades into the future.
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The changes come as the firm disclosed a $2.4 billion loss in between April and June 2020 as the virus depressed demand for air travel, with sales falling 25% to $11.8 billion.