Boeing Faces Crisis with Job Cuts and Labor Strikes

Boeing is grappling with a severe financial crisis, prompting plans to lay off 17,000 employees, amounting to a 10% workforce reduction. The company is beset by a labor strike involving the machinists union IAM, which has halted production lines for several aircraft models.

This strike, now in its fifth week, is costing Boeing approximately $1 billion weekly. Additionally, the manufacturer faces delays with its 777X aircraft and has terminated the 767 cargo program.

With losses of $1.8 billion in the first half of the year and a staggering debt of $58 billion, Boeing's financial outlook appears grim. The company is under pressure to raise cash, with potential stock sales anticipated to reach up to $15 billion, as it struggles to navigate these challenges.