Air Force One is a flying symbol of American power. But for its maker, the presidential aircraft is becoming an albatross.
Boeing has recorded more than $1.1bn in costs due to production delays for the two modified 747-800 jumbo jets, which were ordered to replace the 1980s-era versions currently used by the US president, including a $660mn charge in the first quarter of 2022. Since 2018 Boeing has recorded roughly $4.4bn in charges across an array of defence contracts, according to Financial Times calculations.
Company executives now acknowledge the trouble began when Donald Trump took to Twitter as US president-elect in 2016 to claim that Air Force One “costs are out of control”, vowing to “cancel order!”.
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