Boeing's Triumphant Win: Securing the U.S. Air Force's Next-Gen Jet Contract

Boeing secures a significant win by being awarded the contract for the U.S. Air Force's Next Generation Air Dominance program. This boosts its fighter jet production, while Lockheed Martin faces challenges after losing the contract. The F-47 will replace the F-22, with potential foreign sales anticipated.

U.S. President Donald Trump announced on Friday that Boeing has secured the contract to build the U.S. Air Force's most advanced fighter jet, in a significant win for the company. The Next Generation Air Dominance program aims to replace the Lockheed Martin F-22 Raptor with a new, crewed aircraft designed to work alongside drones. Although details of the plane's design remain secret, it is expected to feature stealth technology, advanced sensors, and state-of-the-art engines.

Trump, serving as the 47th president, revealed that the new jet will be designated as the F-47. He stated that the U.S. has placed substantial orders for the aircraft, without disclosing the cost. Trump also noted international interest, suggesting potential foreign sales. Boeing's shares surged by 5% following the announcement, whereas Lockheed Martin's stock decreased by nearly 6%.

The engineering and manufacturing development contract awarded to Boeing exceeds $20 billion, marking a significant win for the firm that has faced challenges in both commercial and defense divisions. The deal is a major boost for its fighter jet production in St. Louis, Missouri, promising hundreds of billions of dollars over its multi-decade duration. However, Lockheed Martin's future in the high-end fighter market remains uncertain as the company has recently lost out on other significant military contracts.

(With inputs from agencies.)