Boeing's shares fall as Trump tweets Air Force One order should be cancelled

After President-elect Donald Trump tweeted that an order for a new model of Air Force One planes should be cancelled as costs have got “out of control", shares in Boeing fell about 1% in pre-market trade.

He said: "Boeing is building a brand new 747 Air Force One for future presidents, but costs are out of control, more than $4 billion. Cancel order!"

New York-listed Boeing was planning to build two 747-800 aircraft, replacing the two 747-200 models of Air Force One currently in service.

However, the aerospace manufacturer had not yet been awarded a contract.

Boeing said: "We are currently under contract for $170m to help determine the capabilities of these complex military aircraft that serve the unique requirements of the President of the United States.

"We look forward to working with the US Air Force on subsequent phases of the program allowing us to deliver the best planes for the President at the best value for the American taxpayer."

At 1539 GMT shares were down 0.74% to 151.11 cents.