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Morning Brew Daily
The Auto Strike Is Over? & Boeing's Billion $$$ Air Force One Problem
Oct 26, 2023
29:48
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Auto strike resolved, Boeing loses billions on Air Force One, Meta's strong earnings, AppleTV raises prices, SBF testifies, Bud Light partners with UFC, lawsuit against Panera, college football scandal in Michigan, Brunswick shooting discussed, UAW and Ford labor agreement, upcoming Sam Bacon-Fried fraud trial, Bud Light's deal with UFC to target audience, Fresh Invest and Investing Podcasts sponsored by Fidelity return, impact of AI in religion, potential for AI as a new religion.
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Quick takeaways
- Boeing incurred $2 billion in losses due to a fixed contract for retrofitting Air Force One, highlighting the risks of taking on complex projects.
- The United Auto Workers and Ford have reached a historic agreement with a 25% pay increase, putting pressure on other automakers like General Motors.
Deep dives
Boeing regrets $2 billion high-profile assignment
Boeing faces regrets over a high-profile assignment that resulted in $2 billion in losses. The company took on a complex retrofit of two 747s to become Air Force One, the plane that transports the U.S. President. However, under a fixed contract, Boeing had to bear the burden of any cost overruns, leading to significant losses. CEO Dave Calhoun criticized the deal and attributed the losses to the unique risks associated with the project.
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