Boeing warns of 30,000 job cuts after another quarter of heavy losses

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Boeing has warned it would cut the jobs of 30,000 workers after another quarter of heavy losses caused by the coronavirus pandemic and the grounding of its bestselling 737 Max plane.

The US manufacturer said it expected to have a workforce of 130,000 by the end of 2021, down from 160,000 before the pandemic.

Boeing announced 16,000 job losses in April, when the extent of the Covid crisis became clear, but deepened the planned cuts to 19,000 in July, when it announced it would stop producing the 747 airliner.

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The company reported a $925m (£715m) for the third quarter of 2020, although tax benefits meant the net loss attributable to shareholders was $449m. That compared with a profit of $1.2bn in the same period last year.

Airlines have grounded their planes because of the pandemic, forcing Boeing and its European rival, Airbus, to cut production as orders dry up.

The global aerospace industry has recorded it worst-ever quarter, with record low orders as airlines have tried to delay or renegotiate new planes in an attempt to save money.

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