The company has already lost $660 million developing the two 747 jets for the fleet following a 2018 deal Trump made with the company that makes Boeing foot the bill for all cost changes in the development process.
Boeing CEO Dave Calhoun told investors Wednesday that the company probably shouldn't have agreed to a fixed-price contract with former president — and"Art of the Deal" author — Donald Trump to develop a new Air Force One fleet. 2018 deal Trump made with the company
Calhoun told investors during a first quarter performance review call the company"probably shouldn't have taken" the $3.9 billion fixed-price contract, but called the situation unique and said they'll still deliver great planes. The fixed-price agreement means that Boeing is not able to charge the government for any cost overages that may occur for any reason.
President Joe Biden, left, leaves Air Force One at Philadelphia International Airport in Philadelphia early Saturday, April 23, 2022, to board Marine One for a short trip to Wilmington, Del., for the weekend.The company says the higher costs were driven primarily by higher supplier costs, higher prices to finalize technical requirements, and schedule delays. Pandemic-related supply chain issues have plagued the globe the last two years.
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