The future of the iconic jumbo jet Boeing 747 is in doubt due to a low demand in the world market.
According to Associated Press, Boeing has cut its production target twice in six months and just 18 jumbo jets will be produced in each of the next two years.
"Counting cancellations, it hasn't sold a single Boeing 747 this year," AP reported. "Some brand-new 747s go into storage as soon as they leave the plant."
The reality is airlines prefer newer and cheaper two-engine jets that can go as far as a Boeing 747 while consuming less fuel.
Airlines are struggling filling up a Boeing 747. Each of them can seat from 380 to 560 and consuming 63,000 gallons of jet fuel $200,000 worth.
"If you can't fill all the seats, the cost has to be spread among a few passengers" Delta Air Lines CEO, Richard Anderson commented during a conference. "In some markets, it is just impossible to find that many passengers flying between Atlanta and Paris on a daily basis."
Last October, Boeing announced it was notching down the production rate of Boeing 747 due to slack demand noting that the slowdown would not affect financial forecasts for the company.
"Boeing isn't giving up on its iconic airplane," Marketing chief Randy Tinseth told ABC. "Even though economic downturn of the past five years has hurt 747, we think that market will come around."
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