Boeing Plans $1 Billion Investment to Boost 787 Dreamliner Production
Boeing announced plans to spend $1 billion to support increased production of its 787 Dreamliner widebody jets, as the company works to meet its earlier output target of 10 jets per month by 2026. The investment will be used to upgrade infrastructure and create 500 new jobs over the next five years at its Charleston County, South Carolina facility.
The planemaker aims to expand operations at the facility to lay the groundwork for potential future rate increases driven by market demand. Boeing faces pressure from European rival Airbus, which has announced plans to raise output of its competing A350 to 12 jets per month by 2028.
Demand for widebody planes is accelerating sharply as airlines renew capacity to meet growing demand for international travel. Boeing is trying to ramp up plane output to generate needed cash, after a crippling strike this autumn halted production of all but its Dreamliner jets.
Boeing’s announcement reaffirms its earlier target of 10 Dreamliner jets per month, which was announced during a company investor day in 2022. However, hitting this rate will be a steep climb for the planemaker, given existing production levels and challenges related to manufacturing quality problems.
Boeing has been trying to bring 787 production back to a rate of five jets per month by the end of 2024, after scaling back output earlier this year due to supply-chain delays. The company has said its 787 production rate was five per month during the last quarter of 2023.