Veteran financial journalist Jon Talton blogs daily on the most important economic news, trends and issues involving Seattle and the Northwest.
Boeing says 787 remains on schedule
Scott Carson, president and chief executive of Boeing's commercial aircraft division, said the initial test flight and delivery of its long-awaited 787 jetliner remain on schedule.
PITTSBURGH — Boeing said today that the initial test flight and delivery of its long-awaited 787 jetliner remain on schedule.
Scott Carson, president and chief executive of Boeing's commercial aircraft division, said Boeing continues to work toward the inaugural 787 test flight in the second quarter of this year and the first delivery in the first quarter of 2010.
"The progress on a daily basis is gratifying," he said at an investor conference in New York. "We have now cleared all the equipment on the airplane for first flight and are continuing to work through the integrated software and hardware testing."
Originally, the plane's inaugural test flight was scheduled for late 2007, with the first delivery slated for May 2008. Boeing postponed the introduction of the next-generation aircraft, built for fuel efficiency from carbon composite parts, four times due to production glitches and a two-month strike last fall. The delays have cost Boeing credibility and billions of dollars in anticipated costs and penalties.
Boeing currently has 878 orders for the hot-selling 787 jetliner from 57 customers, Carson said.
The recent credit crisis has hurt airlines' ability to secure financing for aircraft. But Carson said Boeing remains confident in the financing of commercial planes to be delivered in 2009 and early 2010, though "we're very cautious as we get to the midpoint of next year."
Boeing has said it would provide financing of about $1 billion to customers, if necessary.
"As we look at the markets this year, with financing commitments that have already been made, we believe every one of the airplanes scheduled for delivery this year will be delivered, and the draw on us to provide financing will be relatively minimal," he said.
Copyright © 2009 The Seattle Times Company
UPDATE - 09:46 AM
Exxon Mobil wins ruling in Alaska oil spill case
UPDATE - 09:32 AM
Bank stocks push indexes higher; oil prices dip
UPDATE - 08:04 AM
Ford CEO Mulally gets $56.5M in stock award
UPDATE - 07:54 AM
Underwater mortgages rise as home prices fall
NEW - 09:43 AM
Warner Bros. to offer movie rentals on Facebook