Boeing sold its luxury yacht which the company used to amuse its corporate customers. The sold Yacht is one of its kind known as Daedalus, 130 feet long usually found at Seattle’s Lake Union. It is reported that an unnamed California developer bought the Yacht in $13 million.
The Boeing yacht has been used for strengthening corporate relationships and mostly used as a floating hotel in Vancouver Island.
The Boeing company has been hit hard by two crises, one the current Corona pandemic and the catastrophic failure of their Boeing 737MAX, which has brought down the company to its knees. The recent sale of the yacht is a small attempt to cut cost and bring the cashflow to the struggling company.The company has lost more than $15 billion in cash this year and it will take years for the aircraft manufacture to resume growth.
Due to the current pandemic, Boeing had revised its 10 years forecast and announced that it will cut 30,000 jobs in coming years to cut costs.
There will be some consequences of selling the boat because now the sales team have to come up with the new ways to entertain the airline buyers as they expect a luxury treatment when doing the business with airlines.
Subaru Corp increased its estimates by more than a third to 110 billion yen ($1.05 billion) about operating profit on Wednesday due to unexpected early recovery of vehicles sales.
The United States is the biggest market for the Subaru where the company sells two-third of its cars. The company had to close down its factories, earlier this year due to coronavirus spread and lack of sales.
The company early predicted an operating profit of 80 billion yen which was 48% less than the previous year posted profit. The early estimate was also way less than the analyst’s estimated figure of 114 billion yen.
The Subaru was not expecting that the U.S market will rebound so quickly to 17 million vehicle level which was the figure for the last three years, before the pandemic.
In the last quarter which ended on September 30, 2020, Subaru announced operating profit of 46.3 billion yen compared with a 2.6 billion yen profit a year ago for the same quarter.