Boeing is hobbled by collapse in plane deliveries. And the new 777X is delayed until 2023.
Add it up and you have a Record Annual Loss.
Boeing reported its largest-ever annual loss and took a big financial hit on its newest jetliner, signs that the Covid-19 pandemic is compounding the aerospace giant's problems.
The plane maker said the new 777X, its largest passenger jet, would be at least three years late for airline customers, the latest Boeing plane to hit trouble following the grounding of the 737 MAX after two fatal accidents. Quality problems with its popular 787 Dreamliner jet have halted deliveries since October.
The delay leaves Boeing even more reliant on its defense business and other troubled commercial-aircraft programs to reverse heavy losses, as the pandemic has sapped demand for new planes. Executives said Wednesday they didn't expect Boeing would stop bleeding cash until next year.