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News > Companies
Boeing schedules new jet
April 30, 2001: 4:12 p.m. ET

Aerospace firm says will need at least one year to develop near-sonic cruiser
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NEW YORK (CNNfn) - Boeing Co. will need at least a year before it can begin taking orders for a new commercial airliner expected to fly 15 percent faster than conventional airliners, the company's chief executive said Monday.

The company's new plane, called the Sonic Cruiser, will fly at about 85 percent of the speed of sound and is part of the company's new approach to holding its position in the market for commercial aircraft.

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The Sonic Cruiser
Boeing is developing the plane to travel 15 percent faster than conventional commercial planes. (Source: Boeing)
 
Boeing Chairman and Chief Executive Phil Condit, answering questions at Boeing's annual meeting, said, "If I had to bet right now, it would probably be at least a year from now," when asked how long it would take for Boeing to begin taking orders on the plane.

The Sonic Cruiser is expected to be able to shave about an hour off travel times of traditional jets for every 3,000 miles it flies, about the distance of a cross-continental flight in the United States. The aircraft is also expected to be able to travel at least 9,000 miles, longer than any commercial aircraft today. Its capacity is still unknown, with a Boeing spokesman saying it could be anywhere between 100 and 300 passengers, depending upon seating configuration.

The company recently scrapped plans to build a super-jumbo 747 to compete with Airbus Industrie and is reportedly revamping its existing 747 instead, while developing the Sonic Cruiser at the same time.

Boeing (BA: up $0.19 to $61.80, Research, Estimates) shares have a 52-week range of $36.25 to $70.94. The company is based in Seattle, but plans to move. graphic


- from staff and wires





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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.