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Elon Musk visited Boeing to discuss the delays in the renovation of two 747 jets into the next generation of Air Force One, originally due by 2022 but now expected by 2027. Boeing CEO Kelly Ortberg described the talks as constructive, focusing on eliminating inefficiencies in the process. Despite the challenges, including significant financial losses and supply chain issues, Ortberg expressed optimism about managing performance by 2025.
Elon Musk is assisting Boeing in expediting the production of the Next Air Force One, with CEO Kelly Ortberg stating that the collaboration aims to meet President Trump's demand for an earlier delivery. The project, initially set for 2024, has faced significant delays and cost overruns, with losses exceeding $2 billion. Despite challenges, including production issues and design changes, efforts are underway to streamline the process and deliver the aircraft by at least 2027.
UBS has raised its price target for Boeing stock to $217, maintaining a Buy rating, as the company shows progress in its MAX program despite financial challenges. Analysts note significant volatility in Boeing's stock, with targets ranging from $85 to $250, while the company aims for a production ramp-up and explores strategic transactions to enhance its balance sheet. Despite setbacks, including fourth-quarter losses and operational issues, Boeing is focused on increasing commercial production rates to drive positive cash flow by 2027.
Elon Musk made an unexpected visit to Boeing's military aircraft facility in San Antonio on December 18 to inspect the new version of Air Force One. The project is significantly delayed, over budget by $2.7 billion, and poses a considerable challenge for Boeing's CEO, Kelly Ortberg.
Elon Musk is overseeing the progress of Boeing's new Air Force One jets, which are currently $2.7 billion over budget and three years behind schedule. Following a visit to Boeing's facility, Musk's involvement comes amid trade tensions and scandals affecting the company, including a significant stock price drop after a safety incident in January 2024. Boeing's revamped jets are expected to be completed by 2024, with a Department of Defense review set for February to assess their readiness for a 2027 launch.
Boeing's chief lobbyist, Ziad Ojakli, has departed the company as CEO Kelly Ortberg restructures the team. Bill McSherry, a vice president for state and local government operations, will temporarily lead the government operations group until a successor is appointed. The change is effective immediately.
Boeing's head of government affairs and top lobbyist, Ziad Ojakli, is leaving the company effective immediately, as announced by CEO Kelly Ortberg in an email to employees. Ojakli, who joined Boeing in September 2021, will be temporarily succeeded by Bill McSherry. The company has faced challenges this year, including a significant incident involving a door plug on a Boeing 737 Max 9 jet.
Boeing's proposed guilty plea to fraud charges related to the 737 Max crashes has been unexpectedly rejected by US District Judge Reed O’Connor. The judge's decision centers on the appointment of an independent monitor, emphasizing the need for adherence to diversity and inclusion criteria in the hiring process. This setback complicates new CEO Kelly Ortberg's efforts to steer the company past its ongoing crises.
Boeing's Starliner program, part of NASA's commercial crew initiative, is grappling with significant financial losses totaling $1.85 billion, while facing technical challenges like overheating engines and helium leaks. As NASA shifts astronaut returns to SpaceX's Dragon, the future of the Starliner program remains uncertain, especially with the planned retirement of the International Space Station in 2030. Boeing's new CEO, Kelly Ortberg, may need to reassess the company's strategy, potentially moving away from fixed-price contracts to stabilize the program.
Boeing has issued layoff notices to over 400 workers from the Society of Professional Engineering Employees in Aerospace as part of a larger plan to cut 10% of its workforce, totaling around 17,000 jobs. This decision follows financial struggles and an eight-week strike by its machinists' union. Affected employees will remain on the payroll until mid-January.
Kelly Ortberg
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