Drew FitzGerald

A plan to lend more than $200 billion to shore up defense manufacturing has fueled a hiring spree for Wall Street underwriters.

Drew FitzGerald Boeing Chief Executive Kelly Ortberg said the company has started work on a new airplane design , but it is focused on playing catchup to deliver products that are years behind schedule.

Kelly Ortberg says the company needs to get its finances and technology in place first.

The defense contractor says the new design could be fielded faster and cost less than half as much as its bestselling version.

Drew FitzGerald Lockheed Martin said it would field a new and cheaper model of Patriot missile that could hit the battlefield faster, as global stockpiles of high-end interceptors dwindle.

Airbus is moving closer to a decision on launching a new aircraft model that would be among the biggest passenger jets ever made and place Boeing's long-delayed 777X directly in its crosshairs.

Boeing spent another quarter in the red as it poured more resources into developing new presidential jets and accelerating production of commercial planes.

The CEO said “significant resources” are being invested to ensure the new presidential plane stays on schedule for delivery in 2028.

The Army modified its contract with Lockheed Martin to step-up production; the final cost will depend on congressional funding.

The Pentagon on Wednesday earmarked more than $120 billion for contractors to step up production of Patriot missiles and long-delayed submarines to support future combat operations.