Boeing Reports Over $3 Billion in Losses on Air Force One Project

Boeing has reported losses exceeding $3 billion related to its contract to build the next Air Force One jet, including a $280 million charge in the latest quarter. The company holds a $3.9 billion contract with the Air Force to construct two presidential planes, which is currently behind schedule and has faced challenges during both the Biden and Trump administrations. The charge was noted in Boeing's second-quarter report, attributed to increased investments in production and certification resources. Boeing CEO Kelly Ortberg stated the company is committed to delivering the aircraft by 2028, despite the disappointing charge. The project was initially commissioned by President Donald Trump, with a completion date originally set for 2024. Due to delays, the Trump administration accepted a Boeing-made plane from Qatar to temporarily replace one of the existing aircraft. This plane, valued at $400 million, was gifted to Trump and features a color scheme of red, white, dark blue, and gold, differing from the previous light blue design.