Boeing (BA) got a big win over French rival Airbus (EADSY) Monday when Qatar Airways awarded the plane maker a large order that is worth $34 billion at list prices.
Qatar Airways, one of the world's largest cargo carriers, ordered up to 50 of Boeing's new 777X freighters. That plane is the world's largest twin-engine cargo jet, according to Boeing, and Qatar Airways is the plane's first launch customer.
"Our team is ready to create an airplane that will serve them well for many decades. Qatar Airways' selection of the efficient 777-8 Freighter is a testament to our commitment to provide freighters with market-leading capacity, reliability and efficiency," Boeing Commercial Planes CEO Stan Deal said.
Qatar's Boeing deal also includes 25 confirmed orders for the passenger 737 MAX 10 and 25 option orders. The 777X freighters include 34 confirmed orders and 16 options.
Boeing held the formal signing of the deal at the White House in the presence of the U.S. Commerce Secretary Gina Raimondo and the Director of the White House National Economic Council Brian Deese.
The first delivery of the new freighter is expected in 2027.
Qatar Airways passenger fleet currently features 109 Airbus planes and 94 Boeing planes.
The company's Boeing fleet includes 48 Boeing 777-300 ERs, 30 Boeing 787-8s, 9 Boeing 777-200LRs and 7 Boeing 787-9s.
Boeing vs Airbus Rivalry
This is a big win for Boeing as the company has fallen behind rival Airbus as the fallout from two crashes of the company's 737 MAX plane and subsequent issues with the beleaguered model.
The Chicago-based plane manufacturer closed 2021 with 535 aircraft net orders, just ahead of the 507 booked by Airbus.
However, the company's delivery pipeline is still recovering and Boeing ended the year well behind Airbus in deliveries.
In 2021, Airbus delivered 611 planes and while Boeing more than doubled its output from last year, the company only delivered 340 planes.
Boeing Down on Disappointing Q4
Last week, the company posted a big fourth quarter loss and failed to provide profit guidance for 2022.
Boeing said its adjusted core loss for the three months ending in December was pegged at $7.69 per share, up from a loss of $4.19 per share over the same period last year as the planemaker booked a new $3.5 billion charge linked to delays in production and delivery of its 787 widebody. The Street consensus forecast was looking for a loss of 42 cent per share.
The Federal Aviation Administration began looking into issues with the Dreamliner's fuselage in September of last year, just days after the planemaker grounded eight of the giant jets, which were made in South Carolina, after finding flaws that raised questions about their structural integrity and the risk of potential in-flight failures.
