Boeing to pull the plug on its 747 jumbo jet: Bloomberg News

July 2, 2020

(Reuters) – Boeing Co <BA.N> is pulling the plug on its 747 jumbo jet, Bloomberg News reported on Thursday.

The 747 democratized global air travel in the 1970s but fell behind modern twin-engine passenger jets.

The last 747-8 will roll out of a Seattle area factory in about two years, according to the Bloomberg report. (https://bloom.bg/38n5A8p)

When contacted by Reuters, Boeing did not confirm the Bloomberg report.

“At a build rate of 0.5 airplanes per month, the 747-8 program has more than two years of production ahead of it in order to fulfill our current customer commitments,” a Boeing spokesman told Reuters.

“We will continue to make the right decisions to keep the production line healthy and meet customer needs.”

Boeing’s 747 plane is enjoying a second life as a cargo mule for companies like United Parcel Service Inc <UPS.N> due to a freight market boom fueled by online shopping.

In 2016, Boeing said it could end 747 production amid falling orders and pricing pressure.

Major U.S. carriers like United Continental Holdings Inc <UAL.O> and Delta Air Lines Inc <DAL.N> have already said goodbye to the 747.

(Reporting by Ankit Ajmera in Bengaluru and Eric M. Johnson in Seattle; Editing by Maju Samuel)