Boeing reaches $3 billion in losses while building new Air Force One

Boeing has hit over $3 billion in losses as part of its commitment to build the next Air Force One jet, reporting a $280 million charge on the project this quarter.

Boeing’s $3.9 billion contract with the Air Force to build two presidential planes, replacing the current fleet, is years behind schedule and has run into problems under both the Biden and Trump administrations. The organization filed the charge in its second-quarter report as losses that were “primarily driven by an investment in additional production and certification resources.”