Lockheed Martin launches cheaper Patriot missile as air defence demand surges
World

Lockheed Martin launches cheaper Patriot missile as air defence demand surges

Economy World


Lockheed Martin announced a lower-cost Patriot interceptor on Monday as militaries seek cheaper ways to counter drones ‌and missiles, while defence contractors face competition from start-ups making low-cost weapons that can be produced at scale.
Lockheed said its new PAC-3 Adapted Capability Effector (ACE) missile would cost less than half as much as its PAC-3 MSE interceptors, which cost roughly US$4 million per missile, according to US Army budget documents.

Initial production could ⁠start within 36 months, the company said, adding that it planned to develop and manufacture ‌the weapon with US and European industry partners.

“American and allied warfighters need a solution that is battle-tested and budget-smart,” Tim Cahill, president of Lockheed Martin Missiles and Fire Control, said in a statement at Britain’s Farnborough Airshow.

The location of ⁠the announcement underscores efforts by US defence companies to tap a European rearmament boom fuelled by Russia’s war in ‌Ukraine, even as European governments seek to reduce dependence on American suppliers and expand local defence manufacturing.

Ukrainian Air Force’s F-16 fighter jets fly over a Patriot air and missile defence system on August 4, 2024. Photo: AP
Ukrainian Air Force’s F-16 fighter jets fly over a Patriot air and missile defence system on August 4, 2024. Photo: AP

The Patriot system ‌has become ‌one of the world’s most sought-after air-defence weapons since Russia’s 2022 full-scale invasion of Ukraine. ‌

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