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Watch the trailer at: http://www.foxsearchlight.com/theclearing/index_nyt.html \----------------------------------------------------------/ All Nippon Airways Orders 50 of Boeing's New Jet April 27, 2004 By TODD ZAUN and MICHELINE MAYNARD TOKYO, April 26 - The Boeing Company said on Monday that it had kicked off its 7E7 jet, its first new airplane in more than a decade, after receiving an order from Japan's All Nippon Airways for 50 planes. The order from All Nippon Airways was the largest in Boeing's history, the company said, which estimated the deal at $6 billion, based on the jet's list price. But as the first customer for the medium-range airplane, nicknamed the Dreamliner, analysts said that All Nippon most likely received a significant discount. Once production begins later this decade, Boeing could be expected to build the Dreamliner for 20 years. Ultimately, Boeing wants to capture half the market for mid-range aircraft. It estimated the total market for such aircraft at 3,500 airplanes with a potential value of $400 billion. Boeing decided to go ahead with the new aircraft, despite the size of the single order - it was half the number that companies typically have had in hand when they begin production, said Robert W. Mann Jr., an aviation consultant based in Port Washington, N.Y. Companies have usually waited to finalize families of aircraft until they had about 100 orders from several airlines, he said. Boeing's decision to proceed on one airline's order illustrated how important the Dreamliner has become for the company, whose reputation has been battered by a scandal surrounding a $24 billion tanker deal with the Pentagon and the departure last year of its chief executive, Philip M. Condit. Airbus, the European aircraft company, passed Boeing in 2003 to become the world's largest commercial aircraft maker. "It's absolutely critical for Boeing to maintain momentum," said Charles Hill, a business professor at the University of Washington in Seattle. "The impression is that Airbus has taken the lead, and it's put things squarely in Boeing's lap." In announcing the deal, Alan Mulally, president of Boeing Commercial Airplanes, said on Monday that interest in the plane had been "extraordinary." In a statement, Mr. Mulally said that Boeing expected to receive additional orders soon. Several carriers, including Japan Air Lines and Emirates Air, have expressed an interest. Boeing's board gave the go-ahead in December to begin marketing the 7E7, its first jet since the Boeing 777 in 1990. The move came only days after Mr. Condit was succeeded by Harry C. Stonecipher, a company director, who came out of retirement. The 7E7 is expected to be 10 percent to 20 percent more fuel efficient than similar sized aircraft, in part because it will be made from composite materials rather than aluminum. With a distinctly curving roof and sloped nose, the 7E7 will seat 200 to 300 passengers and will replace the 757, which Boeing will discontinue this year. In the last 10 years, Boeing had unsuccessfully marketed two other jets - the 747X, a stretch version of its 747 jumbo jet, and the Sonic Cruiser, a supersonic plane. Given its failure to market those planes, "they really need to go" with the Dreamliner, Mr. Mann said. Its main competition is the Airbus A330, which is already in use by several carriers, including Northwest Airlines. Boeing has aimed the Dreamliner primarily at customers in Asia, particularly Japan, where three suppliers are participating in its construction. They include Mitsubishi Heavy Industries, Kawasaki Heavy Industries and Fuji Heavy Industries. The Dreamliner will be assembled outside Seattle, Boeing's former home base, from components produced in Japan, Italy, the United States and elsewhere. All Nippon Airways will use the 7E7 to replace an aging medium-body fleet of 54 Boeing 767's and seven Airbus A321's. The company's oldest 767's will be 21 years old by 2008, when it plans to take delivery of the first 7E7's. All Nippon Airways will buy two versions of the 7E7. One is a single-class, 300-seat version for routes within Japan and to nearby Asian cities like Beijing and Shanghai. The other is a two-class plane with 230 seats for international routes like those to the West Coast of the United States. "We wanted the best aircraft and the most efficient aircraft, and 7E7 met all our requirements," Robert Henderson, a spokesman for All Nippon Airways, said in Tokyo. All Nippon has not decided what kind of engines will power its 7E7's. Boeing said earlier this month that it had chosen General Electric and Rolls-Royce to supply engines for the jet, and All Nippon will now decide which manufacturer to use. Boeing plans to announce its first-quarter results on Wednesday. Last week, it said it expected to "significantly exceed" analysts' forecasts because of strong results across its business units. Professor Hill said that that projection, plus the All Nippon deal, might mean Boeing is on an upswing. "It's more of a gut feeling than anything, but I think they are turning the corner," he said. Todd Zaun reported from Tokyo for this article and Micheline Maynard from Detroit. http://www.nytimes.com/2004/04/27/business/worldbusiness/27jet.html?ex=1084073715&ei=1&en=c86b9243afd92e0d --------------------------------- Get Home Delivery of The New York Times Newspaper. Imagine reading The New York Times any time & anywhere you like! Leisurely catch up on events & expand your horizons. Enjoy now for 50% off Home Delivery! 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