Boeing CEO Confident in Recovery Despite Trade War with China

 

Boeing CEO Kelly Ortberg expressed confidence that the company’s financial recovery would not be significantly impacted by the ongoing U.S.-China trade war, even though Chinese airlines are refusing to accept Boeing planes. Ortberg's comments came during a Wednesday interview on CNBC, where he reassured investors that Boeing could still meet its aircraft delivery targets, despite challenges with China.

The trade dispute between the U.S. and China has led to Beijing halting the acceptance of Boeing planes, including three aircraft that were initially ready for delivery to Chinese airlines. Ortberg confirmed that two of these planes had already been returned to Seattle. Despite this setback, Boeing remains optimistic, as Ortberg noted that the company is adapting by "remarketing" planes to other customers.

Boeing had planned to send about 50 airplanes to China this year, but now, with the situation in flux, the company is looking to redirect planes that are not yet built to other buyers. Ortberg emphasized the company’s pragmatic approach, indicating that there is no shortage of customers interested in Boeing's Max aircraft.

Tariff Tensions and Financial Outlook

The trade war has escalated with President Donald Trump imposing significant tariffs, including a 90-day hold, and increasing taxes against China to as high as 145%. While these developments triggered concerns in financial markets, U.S. Treasury Secretary Scott Bessent recently indicated that the tariffs were unsustainable, suggesting a potential de-escalation in the trade tensions.

In Boeing’s first-quarter financial report, the company posted an adjusted loss of 49 cents per share, with revenue of $19.5 billion, surpassing analyst expectations. Boeing also reported a significant reduction in its cash burn, dropping from nearly $4 billion in the prior year to $2.29 billion. Despite the ongoing challenges, Boeing’s stock saw a more than 6% increase in morning trading, signaling investor optimism about the company’s ability to recover.

Boeing's ability to remain resilient in the face of external challenges like the trade war reflects its focus on adjusting its strategies to navigate the evolving market and customer needs.

Location: United States

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