Boeing Delays the Delivery of the New 777X Aircraft 0 21

Analysts estimate that the delay could lead to a write-off of between $2.5 billion and $4 billion, although Boeing has not disclosed specific figures, according to the report. The aircraft is already six years behind schedule and remains a central element of Boeing's ambitions in the long-haul market.

Lufthansa, the first customer, has revised its fleet plans, excluding the 777X until 2027, the report states. Emirates, the largest buyer, is also exercising greater caution and is preparing for entry into service no earlier than 2027.

The delay is attributed to slower-than-expected progress in certification flights with pilots and inspectors from the Federal Aviation Administration (FAA), rather than new technical issues.

Last month, Boeing CEO Kelly Ortberg stated at the Morgan Stanley conference that certification is facing delays due to a "mountain of work." "As you know, even a minor delay in the 777 program has quite a significant financial impact because we are in a loss situation," Ortberg said. "So we are keeping a very close eye on this."

The 777X program has already accumulated over $11 billion in cost overruns, and following the 737 Max disasters, government oversight of the project has intensified.

According to a Bloomberg report, the program is in a loss position, meaning it will not be able to recoup the development costs for the first 500 aircraft built. Any additional expenses must be immediately reflected in the financial statements as a reduction in profit.

For reference: The Boeing 777X is a wide-body twin-engine passenger aircraft designed based on the Boeing 777. The Boeing 777X differs from the Boeing 777 with new General Electric GE9X engines, a composite wing with folding wingtips, capacity, and technologies.

The Boeing 777X was unveiled in November 2013 in two variants: the 777-8 and 777-9. The 777-8 has a capacity of 384 passengers and a range of 16,170 km, while the 777-9 has a capacity of 426 passengers and a range of 13,500 km. The first flight of the Boeing 777X took place on January 25, 2020.