need ‘couple more years’ to repair finances before new jet

Boeing CEO Kelly Ortberg told CNBC Monday that the planemaker will need “a couple more years” to repair its finances before launching a new commercial jet, signaling that the company is focused more on stabilizing its existing business rather than rushing to develop a successor to its best-selling 737 MAX.

Boeing must clear three hurdles before committing to a new aircraft program, Ortberg told CNBC’s Phil LeBeau at the Farnborough International Airshow in the U.K.

“First of all, we have to be ready, and part of that is getting our financial house in order, and we’re working on that,” Ortberg said. “It’s going to take a couple more years to get where we want to be.”

Ortberg, who came out of retirement to steady the company after a series of manufacturing and quality issues, also repeated that the technology needs to be ready to introduce a new airplane and the company needs to see sufficient market demand.

For now, airline customers are telling Boeing to focus on improving the reliability and production of its current lineup rather than introducing a new jet, he said, suggesting the company is unlikely to launch a new narrowbody aircraft until later in the decade.

The market for large commercial aircraft is currently dominated by Boeing and Airbus. A new plane to better compete with Airbus’ rival A320 family of jets will likely be crucial for Boeing to secure future business.

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