Boeing are now anticipating that the first 777X delivery will occur in late 2023. This is stated on their 2020 Fourth-Quarter Results.
“This schedule, and the associated financial impact, reflects a number of factors; including an updated assessment of global certification requirements, the company's latest assessment of COVID-19 impacts on market demand and discussions with its customers with respect to aircraft delivery timing.”
Boeing have reported that the 777X program has also recorded a $6.5 billion reach-forward loss. Among the factors contributing to the revised first delivery schedule, and reach-forward loss, are an updated assessment of certification requirements, based on ongoing communication with civil aviation authorities, an updated assessment of market demand, based on continued dialogue with customers, resulting adjustments to production rates and the program accounting quantity, increased change incorporation costs, and associated customer and supply chain impacts.
The production rate expectation for the combined 777/777X program remains at 2 per month in 2021.
Previously sources have told Reuters that Seattle-based Boeing is unlikely to have the B777X in service before 2022-23.
“There are so many widebody aircraft being retired, mothballed…If air travel comes back to 2019 levels, many new planes will be needed.”Anonymous Boeing source
While Boeing says they have sold 309 777X planes, worth $442 million each at list prices, many in the industry have questioned their dependence on Middle Eastern carriers, who are currently scaling back orders.
2020 Q4 Results
The Boeing Company reported a fourth-quarter revenue of $15.3 billion, reflecting lower commercial deliveries, and services volume primarily due to COVID-19, as well as 787 production issues, partially offset by a lower 737 MAX customer considerations charge, in the quarter compared to the same period last year. This reflects a $6.5 billion pre-tax charge on the 777X program. Boeing recorded an operating cash flow of $4.0 billion.
“2020 was a year of profound societal and global disruption, which significantly constrained our industry. The deep impact of the pandemic on commercial air travel, coupled with the 737 MAX grounding, challenged our results.”Boeing President and Chief Executive Officer Dave Calhoun.