Boeing CEO says travel rebound will take longer because of slow vaccine rollout
- Boeing posted a record annual loss in 2020 due, in part, to reduced travel demand.
The slow rollout of Covid-19 vaccine shots will prolong a much-hoped-for recovery in travel demand until mid-to-late summer, Boeing CEO Dave Calhoun said Wednesday.
The aircraft manufacturer posted a record annual net loss for 2020 as the pandemic pushed airlines to put on hold or scaled back plans to add new jets to their fleets. Governments across the world put in place stringent travel restrictions in 2020, and would-be passengers scrapped vacation and business trips.
"I think all of us were hoping that vaccine distribution would go a little more smoothly," Calhoun said in an interview with CNBC's "Squawk on the Street."
Calhoun said he expects demand for both leisure travel and business travel to be robust once more people are vaccinated but that the process would take several more months.