MarketWatch | Boeing expects growing competition from China
June 23, 2011 § Leave a comment
By Frankfurt Bureau
Published: 19 June 2011
FRANKFURT (MarketWatch) — Boeing Co. and Airbus’ parent firm European Aeronautic Defence & Space Co NV’s (EADSY, EAD.FR) will face increasing competition from China in the long term, the U.S. aircraft maker’s Chief Executive James McNerney told German daily Frankfurter Allgemeine Sonntagszeitung in an interview published Sunday.
“I don’t know if it will take ten years or 20 years, but Airbus and Boeing will get a third competitor. He’s likely to come from China,” McNerney is cited as saying.
McNerney expects the Chinese rival to first compete in the segment of smaller aircrafts and then move on to larger planes. He said China has a large domestic market, sufficient financial muscle and the necessary technological expertise to take on Boeing and EADS in the long run.