July 2, 2020 / 5:34 PM / a month ago

Boeing to pull the plug on its 747 jumbo jet: Bloomberg News

FILE PHOTO: The Boeing logo is pictured at the Latin American Business Aviation Conference & Exhibition fair (LABACE) at Congonhas Airport in Sao Paulo, Brazil August 14, 2018. REUTERS/Paulo Whitaker

(Reuters) - Boeing Co (BA.N) is pulling the plug on its 747 jumbo jet, Bloomberg News reported on Thursday.

The 747 democratized global air travel in the 1970s but fell behind modern twin-engine passenger jets.

The last 747-8 will roll out of a Seattle area factory in about two years, according to the Bloomberg report. (bloom.bg/38n5A8p)

When contacted by Reuters, Boeing did not confirm the Bloomberg report.

“At a build rate of 0.5 airplanes per month, the 747-8 program has more than two years of production ahead of it in order to fulfill our current customer commitments,” a Boeing spokesman told Reuters.

“We will continue to make the right decisions to keep the production line healthy and meet customer needs.”

Boeing’s 747 plane is enjoying a second life as a cargo mule for companies like United Parcel Service Inc (UPS.N) due to a freight market boom fueled by online shopping.

In 2016, Boeing said it could end 747 production amid falling orders and pricing pressure.

Major U.S. carriers like United Continental Holdings Inc (UAL.O) and Delta Air Lines Inc (DAL.N) have already said goodbye to the 747.

Reporting by Ankit Ajmera in Bengaluru and Eric M. Johnson in Seattle; Editing by Maju Samuel

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below