Our Bureau
12:03 AM, September 26, 2017
F-35 Joint Strike Fighter

Lockheed Martin is being awarded a $60 million modification contract for the identification and execution of cost savings projects to reduce the cost of the F-35 joint strike fighter air system.

Work is expected to be completed in July 2020, the US department of Defense said in a statement Monday.

Lockheed Martin had been earlier awarded $137 million contract to cut the costs of the F-35 Joint Strike Fighter in May this year. The deadline was set at December 2020 during the awarding of the contract then.

F-35’s price has come down from around US$200 million apiece to US$100 million in the last 3 years. “The next lot of F-35 aircraft (LRIP 10) reflects a $728M reduction in the total price when compared to Lot 9 and marks the first time the price for an F-35A is below $100M,” a Lockheed Martin statement in February this year.

The Pentagon has presented the F-35 as the most advanced multirole fighter in its arsenal, but the most expensive piece of military equipment ever made has been plagued by delays, ever-increasing costs, as well as maintenance and reliability issues.

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