Chicago - Boeing will produce over 900 planes per year at the end of the decade, Chief Executive Officer Dennis Muilenburg told CNBC.
Boeing completes the production of its planes at a record pace and aims to maintain climbing. Last year Boeing delivered a record level of commercial aircraft. When you divide the 763 aircraft to the whole year, it makes one new plane every 11,5 hours, and Muilenburg says the company's production speed is going to continue rising.
This year the American manufacturer expects to deliver 810 to 815 jetliners, getting the company closer to its lofty 2020 target.
We see air traffic rising and passenger traffic rising at around 6 percent to 7 percent per year, and that is feeding the expansion of the fleets around the world,Muilenburg said.
Muilenburg states the world's airplane fleets are going to double in size during the next 20 years, adding that there'll be a demand for 41000 new commercial aircraft. New passengers entering is what is going to drive growth, Muilenburg said, before explaining that every year 100 million people travel for the very first time in Asia.
Boeing backlog was worth almost half a trillion dollars towards the end of last year. Muilenburg says the aerospace marketplace as a whole has transformed from being a business that contrasts with the downs and ups of an economic cycle into becoming one where enterprises produce more sustained earnings growth.
That move in the nature of the aerospace marketplace would work well for Boeing's production plans while meaning demand from airline operators has yet to peak.
Boeing's stock climbed more than 109 percent last year has already added almost 18 percent since the beginning of the year.