Boeing to cut 777 output to five planes per month

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US aerospace giant Boeing Thursday said it was slashing production of its twin-aisle 777 aircraft to five planes per month from seven, citing “significant deterioration” in the airline industry.

Boeing said in a statement it would also delay previous plans to “modestly” increase production of its 747-8 and 767 aircraft.

“These are extremely difficult economic times for our customers,” said Scott Carson, Boeing Commercial Airplanes president and chief executive.

“It’s necessary to adjust our production plans to align supply with these tough market conditions. We are in close contact with our customers as we continue to monitor this dynamic business environment.”

No change in the production rate of the 737 aircraft was being made “at this time,” the company said.