Boeing Needs Couple More Years to Repair Finances Before New Jet, CEO Says

Boeing CEO Kelly Ortberg said the company will need a couple more years to repair its finances before it can launch a new commercial jet. He spoke Monday to CNBC's Phil LeBeau at the Farnborough International Airshow in the U.K. Ortberg outlined three hurdles the company must clear.

These include getting its financial house in order, ensuring the technology is ready, and confirming sufficient market demand. He said airline customers are urging Boeing to focus on improving reliability and production of its current aircraft lineup rather than introducing a new model. Ortberg indicated the company is unlikely to launch a new narrowbody aircraft until later in the decade.

Cnbc reported that the market for large commercial aircraft is currently dominated by Boeing and Airbus. Ortberg also addressed the VC-25B program to build the next generation of Air Force One aircraft. Boeing will increase spending, add engineering and production staff, and run multiple shifts to keep the program on schedule for delivery in 2028.

The project was initially set for delivery in 2024 and has already faced multiple delays.