Washington, Oct 19 (PTI): Aircraft manufacturing giant Boeing has announced to cut the production of its 747-8 jumbo aircraft owing to its weak demand.

In a statement, Boeing said that it will adjust the production rate for the 747-8 program from 1.75 to 1.5 aeroplanes per month, through 2015 because of lower market demand for large passenger and freighter aeroplanes.

“This production adjustment better aligns us with near-term demand while stabilising our production flow, and better positions the programme to offer the 747-8’s compelling economics and performance when the market recovers,” said Eric Lindblad, Vice President and GM of ‘747 Programme’

“Although we are making a small adjustment to our production rate, it doesn’t change our confidence in the 747—8 or our commitment to the program,” Lindblad said.

Boeing expects long-term average growth in the air cargo market to begin returning in 2014, and forecasts global demand for 760 large aeroplanes (such as the 747—8) over the next 20 years, valued at $280 billion.

So far, Boeing has received 107 orders for passenger and cargo versions, of this jumbo plane, of which 56 have been delivered. The first delivery at the new production rate is expected in early 2014.