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Investing.com-- The U.S. Air Force has cut in half its order for F-35 jets from Lockheed Martin (NYSE:LMT) to 24 planes, Bloomberg reported on Tuesday evening, citing a document covering the matter.
The Pentagon was now seeking 24 F-35 jets from Lockheed, half of its initial order for 48 jets, Bloomberg reported, citing a Defense Department procurement request document sent to Capitol Hill this week.
The slashed order comes amid budget cuts at the Pentagon, amid Secretary of Defense Pete Hegseth’s directive to cut U.S. military spending by 8% over the next five years.
The F-35 order now costs $3.5 billion, plus $531 million for advance procurement.
The Bloomberg report said that the Navy and Marine corps also planned to reduce F-35 purchases.
Lower purchases point to a shrinking order book for Lockheed Martin, which is the largest U.S. defense contractor. The company’s F-35 program, which is estimated to cost $2 trillion, has been widely criticized for its high cost and questionable relevance in an era of growing military drone adoption.