Boeing is cutting production of its long-range Boeing 777 planes in 2017. The company currently makes an average of 8.3 777s each month, amounting to around 100 per year. Boeing said it plans to cut back to five starting in August, and then 3.5 per month for 2018.
Low demand seems to be the culprit.
Boeing inked deals for 17 orders for 777s in 2016, down from 58 in 2015 and 283 in 2014. The company sells the aircraft for $160 million each.
“The twin-aisle market is glutted,” Richard Aboulafia, analyst, Teal Group, in Fairfax, Va., told Reuters. “It will be painful, particularly since the 777 is their most profitable aircraft, and there will be further cuts to come.”
Boeing may see job cuts this year as a result.
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