Boeing to consider end to 747 production

The Boeing 747 could be running out of fuel as the airplane maker scales back production of the aircraft, and is considering putting a complete halt to its production due to falling sales.

In a regulatory filing on Wednesday, the company said that 50 years of production may be coming to an end for the vehicle that was used by the US president and other world leaders.

Production of the 747 has dropped to one per month in 2016, after having sold 1500 of the plans since 1970.

"If we are unable to obtain sufficient orders and/or market, production and other risks cannot be mitigated, we could record additional losses that may be material, and it is reasonably possible that we could decide to end production of the 747," Boeing said on Wednesday.

The company reported losses in its second quarter results on Wednesday, although they were not as damaging as expected. Until Wednesday's close of $135.96, the company's shares had fallen 6% since the beginning of the year.

The aircraft has been credited as having vastly improved accessibility to air travel in modern times, with 600 seats available at times on the 747. Air Force One has made used of the crafts since 1990.

Demand has slowed for one of Boeing's trademark products however, with many businesses preferring to move cargo by sea after the 2008 financial crisis.

"On the 747 program, we decided to reduce future production expectations and revenue assumptions to account for current and anticipated weakness in the air cargo market," Chief Executive Dennis Muilenburg said during a conference call with analysts after the results were announced.