CHICAGO — Boeing is reducing production of its 747 jumbo jet even more than planned because of weak demand.
Boeing says it will now build 18 of the jets per year, or about 1.5 per month. The slowdown begins early next year.
Boeing had been building two per month but was already planning to slow down its 747 production line in Washington state early next year. The new slowdown announced Friday is an even deeper cut to production.
The Chicago-based company says it is still committed to the 747. It says it expects long-term growth for cargo planes to resume next year.
Boeing has been building 747s for 40 years. It rolled out a significantly revamped version in 2011, but sales have been less than expected, especially for the passenger version.