Boeing reported a $2.4 billion loss for the second quarter of 2020. The manufacturer announced it would slow down production further due to the impact of Covid-19 on air transport. The first delivery of the 777X is officially postponed to 2022.

Revenues for the Commercial Aircraft division were impacted the most, as they slumped by 65% to $1.63 billion. Deliveries fell from 90 aircraft in the second quarter of 2019 to 20 this quarter. The Defense, Space and Security division barely grew in revenue, generating $6.59 billion, up from $6.58 a year before.

To alleviate its losses, the manufacturer, which already announced plans to cut 16,000 jobs, warned that it would have to “further assess the size of [its] workforce,” without giving further details. The production rate of the 777 has been revised downwards, from 3 to 2 per month, and that of 787 to 6 per month against 7 previously. Rumors regarding the postponement of the 777X were confirmed, with the first delivery set to happen a year later than expected, in 2022.

The ramp-up of the Boeing 737 MAX production, which resumed in May 2020, will be “slower than expected”, with the goal output of 31 aircraft to be reached in early-2022 instead of 2021. Production rates for the 767 and 747 programs will remain unchanged.

"We are taking the right action to ensure we're well-positioned for the future by strengthening our culture, improving transparency, rebuilding trust and transforming our business to become a better, more sustainable Boeing,” commented Boeing President and Chief Executive Officer Dave Calhoun. “Air travel has always proven to be resilient - and so has Boeing."

Rumors about the end of production of the Boeing 747 were put to bed, as Boeing officially confirmed that the final Queen of the Skies will roll out in 2022.