Boeing has withdrawn its US$7 billion plans to develop the world's largest passenger aircraft, saying that proceeding with the project is not justified by the high development costs.
The move to halt the active development of the proposed 747-500X/600X aircraft - an extension of the 747 which could carry up to 550 passengers - follows an abortive bid to lure significant demand from major international carriers.
The carriers included Cathay Pacific Airways, Singapore Airlines, United Airlines and British Airways.
Boeing plans to channel the bulk of its efforts on the product development front in the immediate future to enhanced versions of its 767 and 777 models.
The president of Boeing's commercial aeroplane group, Ron Woodard, was a disappointed man yesterday.
'Sufficient market demand has not yet developed to justify committing the significant investment required to develop larger versions of the 747,' Mr Woodard said.
