Boeing CEO Dave Calhoun says company probably shouldn't have made Trump-era Air Force One deal

Boeing CEO Dave Calhoun told investors Wednesday that the company probably shouldn't have agreed to a fixed-price contract with former president — and "Art of the Deal" author — Donald Trump to develop a new Air Force One fleet. 

The company has already lost $660 million developing the two 747 jets for the fleet following a 2018 deal Trump made with the company that makes Boeing foot the bill for all cost changes in the development process. The new fleet was originally supposed to make its entrance in 2024, but as CBS News has reported, Boeing has projected the planes could be 17 months behind schedule. The deal was made under a different CEO — Calhoun took the helm at Boeing in January 2020, but he was on the board when the deal was made.

Calhoun told investors during a first quarter performance review call the company "probably shouldn't have taken" the $3.9 billion fixed-price contract, but called the situation unique and said they'll still deliver great planes. The fixed-price agreement means that Boeing is not able to charge the government for any cost overages that may occur for any reason.