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.

Aircraft makers worldwide are experiencing a steady decline in orders due to the global pandemic. On July 29, 2020, Boeing announced a loss of $2.3 billion in Q2 2020 and a decrease in production rates for several of its models, including the Boeing 787 and the 777.

Despite an uptick in demand for cargo, the Boeing 747-8F has not captured any new orders. The last passenger version of the Jumbo Jet was delivered to Lufthansa (LHAB) (LHA) in April 2015. In total, Boeing has 15 remaining 747-8F aircraft in its backlog.

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The Boeing 747-8 is a curious case. A quad-engined, which made its commercial debut, had very high hopes, as Boeing predicted a huge market for the Queen. Jet it never came to fruition, as the bet on the aircraft to conquer the freighter market went sour.
 

The end of production of the aircraft will mark a 50-year history of the 747, which rolled out of the Everett, Washington, United States factory for the first time in 1968.

“While our 767 and 747 rates remain unchanged, in light of the current market dynamics and outlook, we’ll complete production of the iconic 747 in 2022. Our customer commitment does not end at delivery, and we’ll continue to support 747 operations and sustainment well into the future,” said the President and CEO of Boeing David Calhoun.

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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.