is reducing the production rate for its 747-8 jumbo jet from two to 1.75 planes per month. In a statement, the company said it is experiencing lower market demand for large passenger and freighter aircraft.
The 747-8 is Boeing
's most expensive model aircraft, with a $351 million list price for the passenger model, and $352 million for the freighter variant. In its 2012 20-year forecast, the company predicted demand for 790 large aircraft worldwide through 2031.
Boeing expects long-term average growth in the air cargo market to resume in 2014. There have been a total of 110 orders placed for passenger and cargo versions of the 747-8, 46 of which have been delivered.