Pentagon and Lockheed reach deal to build 375 F-35 fighter jets

According to Reuters, a new deal has been formed between the US Defense Department and the Lockheed Martin F 35 fighter plane. The US defense plans to acquire up to 375 fighters.

According to a survey, there will be risks of price inflation because of the supply chain and the demand for raw materials as COVID gradually declines and business conditions in many nations return to normal. Due to the current market conditions, US military must place an urgent order to secure F35 aircraft production slots at a controlled cost.

William LaPlante, the Pentagon’s top weapons purchaser, said, “We are pleased to announce that the Department and Lockheed Martin struck a handshake agreement for the next F-35 lot procurement on a basis of 375 aircraft.”

When the F35A was first introduced, the cost of a single fighter jet was approximately $221 million. However, as more orders from different clients came in, production quantities increased gradually due to the higher ratio, and the cost of the aircraft rose to $79 million at the current count.

The F-35 is available in three different configurations: the A-model for use by the U.S. Air Force and American allies; the B-model, capable of short takeoffs and vertical landings; and the F-35C planes for landing on aircraft carriers.

According to reports, the transaction is worth $30 billion. Each aircraft might cost up to 80 million dollars.

In 2019, the Pentagon agreed to a three-year “block buy” for 478 F-35 fighter jets, allowing Lockheed to purchase more parts in bulk and cut costs by around 8%, to $34 billion, as opposed to negotiating annual contracts.

The F35 is the most technologically advanced fighter jet of the fifth generation, holding numerous records and technological advancements that are uncommon in fighter jets. One of the versions of this fighter jet has a vertical takeoff, which is a game-changer for the defense forces

Recent victories for the F-35 in jet fighter competitions include those with Finland, Japan, Switzerland, and Germany. The Czech Republic and Greece are potential clients. About 27% of Lockheed’s revenue comes from the F-35 aircraft programme.

Source : F35 – Lockheed martin