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02:22 PM, January 31, 2017
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Lockheed Martin Cut $600 Million In F-35 Joint Strike Fighter Program, Trump Claims
Lockheed Martin Cut $600 Million In F-35 Joint Strike Fighter Program, Trump Claims

Lockheed Martin has cut $600 million off from its next lot of 90 F-35 Joint Strike Fighter planes, President Trump said Monday 

Lockheed Martin cut $600 million off the cost of the F-35 fighter jet program, which was repeatedly criticized by President Donald Trump for cost overruns as well as delays since his election run CNBC reported.

Earlier this month, Lockheed CEO Marillyn Hewson said the company was "very close to a deal" to lower the cost of the fighter program.

The F-35 currently has a per-unit cost of about $100 million, which the company pledged to bring down even before Trump became involved. "I appreciate Lockheed Martin for being so responsive," Trump added.

The company shares Trump's commitment to "delivering this critical capability for our men and women in uniform at the lowest possible cost to taxpayers," Lockheed Martin said Monday in a statement.  

The company did not address how Trump got to the $600 million figure.

On Friday, Defense Secretary James Mattis ordered a review of the F-35 program to "determine opportunities to significantly reduce the cost." The total cost of the program is an estimated $400 billion. 

Lockheed shares traded slightly higher on Monday.

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