The CEO of Boeing told investors Wednesday that the company lost $660 million developing two Air Force One jets because of a deal with President Donald Trump.
Donald Trump is on Air Force One.
The company expects to lose more than $1 billion on the planes, which were supposed to be delivered by 2024, but could take longer.
The fixed-price $3.9 billion contract was revised to make the company responsible for cost changes after Trump insisted that the original arrangement was too pricey.
The company said in its quarterly report that the project's spiraling expenses were driven by rising supplier costs, rising technical costs and scheduling difficulties.
The company posted a $1.24 billion loss in the first quarter.
The release of the company's quarterly report caused Boeing stock to fall.
The title Air Force One was first used in 1953 to distinguish the plane carrying the president from a commercial flight. The first custom-built presidential jet was introduced in 1962. The White House says that the aircraft designated to serve as Air Force One include two planes that can be midair refueled and one that can resist attacks. Boeing said that the 747-8s currently under development will emit 16 tons less carbon dioxide per trip than the current version.
4,200. The company reported on how many planes are in Boeing's current backlog.
There are empty Tequila Bottles found on the new Air Force One plane.
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