The Air Force announced on Wednesday that a Boeing 747-8 will replace the current fleet of Air Force One presidential aircraft serving United States President Barack Obama. The Air Force One is considered one of the most iconic and visible symbols of the country and its president.

In a statement released by the Air Force Office of Public Affairs, the Air Force says the wide-body, four-engine Boeing 747-8 meets the capability requirements of presidential transportation. There are only two four-engine aircraft manufactured in the world, the Boeing 747-8, which is manufactured in Everett, Wash., and the Airbus A380, which is made in Toulouse, France.

"The Boeing 747-8 is the only aircraft manufactured in the United States [that], when fully missionized, meets the necessary capabilities established to execute the presidential support mission, while reflecting the office of the president of United States of America consistent with national public interest," said Air Force secretary Deborah Lee James.

The new Air Force One will be highly modified to accommodate the needs of the president. These modifications will include the addition of specialized communication and security equipment and the creation of living quarters for the president and his staff.

Col. Amy McCain, manager of the Presidential Aircraft Recapitalization program, says the announcement is not a contract award. Instead, the Air Force is still finalizing the overall acquisition strategy and is conducting "risk-reduction activities" with Boeing. She adds that "affordability" will be a top priority for the Air Force.

Although the Air Force wants Boeing to build the basic aircraft, it is still staging bidding competitions for sub-contractors to build its various subsystems and the plane's maintenance for its 30-year life cycle.

"We are committed to incorporating competition for subsystems of the missionized aircraft as much as practicable and will participate substantively in any competitions led by the prime subcontractor," said James.

The current fleet of Air Force One planes is composed of two VC-25s, highly modified Boeing 747-200B airliners with tail numbers 28000 and 29000, which entered service during the administration of then President George H.W. Bush in 1990.

James says the fleet has served four American presidents well, but "parts obsolescence, diminishing manufacturing sources, and increased down times for maintenance are existing challenges that will increase" until the new fleet becomes available.

The double-decker Boeing 747-8 is not one of Boeing's most popular planes. Last month, the aircraft maker announced that it is slowing down production of its 747 craft due to lagging sales, despite setting a record of 1,432 orders last year. The news is welcome respite for Boeing, which could treat the Air Force order as a graceful end to its 747 program once the order is filled, says analyst Richard Aboulafia of the Teal Group.

Boeing says it is looking forward to "working with the Air Force and continuing to draw on our more than 50-year history of experience with this program."

In the past, the Air Force said it has set aside $1.7 billion to purchase a fleet of two new Air Force One planes expected for 2019. The Boeing 747-8 costs $670 million.

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