Plane manufacturer Boeing has recorded billions of pounds in losses as the iconic brand struggles.
It’s the American developer’s second biggest annual loss in its over 100-year history as the impacts of a safety scandal continue to bite.
Boeing reported an annual loss of $11.83 billion (£9.5billion) in the company’s largest drop since 2020.
It’s the largest drop since 2020 when the aviation sector was hit hard by the grounding of flights due to the coronavirus pandemic.
The latest announcement takes the company’s total losses since 2019 to over $35bn (£29.3billion) in a major blow.
As well as the legal battles, Boeing was embroiled in a worker’s dispute which saw engineers in Washington down tools.
Staff pushed back over pay and conditions which had a major impact on production.
Just 348 Boeing jets were delivered in 2024 – a reduction of almost 200 airplanes from from 528 back in 2023
Boeing President and CEO Kelly Ortberg admitted the firm was now in a “difficult position” with “tough decisions” necessary.
Kelly admitted there were plans to axe jobs with the total workforce set to shrink by roughly 10 percent over the coming months.
He stressed this will include reductions among executives, managers and employees with staff to find out their fate shortly.
Mr Ortberg said: “Our business is in a difficult position, and it is hard to overstate the challenges we face together.
“Beyond navigating our current environment, restoring our company requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term.
“We need to be clear-eyed about the work we face and realistic about the time it will take to achieve key milestones on the path to recovery.
“We also need to focus our resources on performing and innovating in the areas that are core to who we are, rather than spreading ourselves across too many efforts that can often result in underperformance and underinvestment.”
