Delays in Boeing's New Air Force One Cause Costs to Pile Up for Shareholders, Taxpayers

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BUSINESS

Delays in Boeing’s New Air Force One Cause Costs to Pile Up for Shareholders, Taxpayers

The plane maker has booked nearly $2 billion in losses after supplier and labor issues, factory and engineering problems

By Andrew Tangel
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Nov. 3, 2022 8:00 am ET

Boeing Co.’s BA 6.84%increase; green up pointing triangle troubled project to replace Air Force One is getting costlier, both for the plane maker’s shareholders and U.S. taxpayers who will have to pay to keep the president’s aging jets flying longer.

The Arlington, Va., aerospace company said it expects to lose $766 million more on the high-profile, years-late project to transform two 747-8 jumbo jets into flying White Houses, bringing its total losses related to the effort to nearly $2 billion, according to securities filings. The additional costs were part of a larger charge that led Boeing to report a $3.3 billion third-quarter loss.

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