Boeing has now confirmed it will stop making its legendary jumbo jet airplane out of 2022.
The movement, quickened from the COVID-inspired travel recession, comes following the likes of British Airways and Qantas flew their 747 versions for the last moment.
The planemaker made the statement as it reported larger than anticipated quarterly declines on Wednesday.
It endured a $2.4 billion ($2 billion) second-quarter reduction because the pandemic hammered the aviation industry.
The International Air Transport Association (IATA) has predicted 2020 the worst season in the history of air travel and stated on Tuesday air traffic won’t return to pre-coronavirus amounts until at least 2024.
Boeing’s chief executive Dave Calhoun stated in a message to employees the firm”will need to further evaluate the size of their workforce”, according to AFP news agency.
The US firm said it would decrease 10 percent of its employees earlier this season.
Calhoun also said creation on its own marquee 787 and 777 jet programs are cut off.
The business stated the 747, which was established from the 1970s and revolutionized aviation as a result of its 400-seat capability, could be phased out by 2022.
Meanwhile, the production for its 737 MAX, which was grounded since March 2019 after two deadly crashes, will be awakened more gradually than under an earlier plan.
Calhoun said the business steps ensured”some crucial stability” for Boeing from the near-term since it requires”tough but necessary actions to accommodate for new marketplace realities”.