Lockheed cuts $600 million from cost of 90 F-35 jets: Donald Trump

WASHINGTON: US President Donald Trump today said Lockheed Martin has cut the price of 90 F-35 fighter jets by $600 million and the defence major will compete with Boeing for the remaining order of the aircraft.

"We cut approximately $600 million off the F-35 fighter, and that only amounts to 90 planes out of close to 3,000 planes," Trump told reporters during a executive order signing ceremony at the White House.

"When you think about $600 million, it was announced by (Lockheed CEO) Marillyn (Hewson), who's very talented, the head of Lockheed Martin," he said.

"I got involved in that about a month ago. A lot was put out, and when they say a lot, a lot meant about 90 planes. They were having a lot of difficulty. There was no movement and I was able to get $600 million approximately off those planes," he said, taking credit for the massive cost reduction in the cost of F-35 planes.

This is a big achievement, Trump said.

"That really means much more than that if you think about the fact that that's 90 planes out of close to 3,000 planes that are being ordered," he said and appreciated Lockheed Martin for being so responsive.

Trump said Boeing would compete with Lockheed on these fighter planes.

"Now they'll be competing during the process for the rest of the planes, because there are thousands of more planes coming. We have a lot of planes coming," he said.

The F-35 fighter jet, he said, is a great plane.

"Lockheed is doing a very good job as of now. There were great delays, about seven years of delays, tremendous cost overruns. We've ended all of that and we've got that programme really, really now in good shape, so I'm very proud of that," Trump said.