America’s largest exporter, the Boeing Company, reported at massive loss of $11.9B today for fiscal year 2020. A $6.5B charge was included for the delay to 2023 of the 777-X program, Boeing’s new long-haul airliner.
The company is still recovering from the grounding of its best-selling product, the 737 Max passenger jet. Boeing’s defense contracting business is performing but is dwarfed by the civilian aviation product line.
Europe has recently re-certified the 737 Max for flight.
Aviation in general has been hard hit by the CCP coronavirus pandemic.
“The deep impact of the pandemic on commercial air travel, coupled with the 737 MAX grounding, challenged our results,” Calhoun said. “While the impact of COVID-19 presents continued challenges for commercial aerospace into 2021, we remain confident in our future, squarely-focused on safety, quality and transparency as we rebuild trust and transform our business,” declared Boeing’s CEO Dave Calhoun.
China has been overactive in attempting to replicate wide-body jet production to acquire another American technology leader through intellectual property theft.
Although a self-inflicted wound, Boeing’s production problems have given the Chinese Communist Party an opening in this endeavor.