Boeing launches bigger, more efficient 747

Boeing is launching a bigger, more efficient version of its 747 jumbo jet in a move that will put more competitive pressure on rival Airbus SAS and ensure continued production of the plane.

The Chicago-based company said that Luxembourg-based Cargolux had ordered 10 freighter versions of the new plane, dubbed the 747-8, with purchase rights for 10 more.

Nippon Cargo Airlines has ordered eight of the freighter planes, with options for six more. Both airlines will begin receiving the planes in the last half of 2009.

The firm orders from the two companies are worth $5bn (€4.3bn) at list prices, although airlines typically negotiate steep discounts.