Shares of Lockheed Martin, the maker of the F-35 fighter jet, are falling after President-elect Donald Trump attacked the cost of the program during his press conference on Wednesday.
During the press conference, Trump said he had been having discussions with generals and admirals about bringing down the costs of the F-35 program.
“I’m very much involved with the generals and admirals on the airplane, the F-35 – you’ve been reading about it,” Trump said during the news conference. “And it’s way, way behind schedule and many billions of dollars over budget. I don’t like that.”
Trump said he was “going to do some big things on the F-35 program and perhaps the F-18 program” and “going to get those costs way down.”
The comments are similar to a tweet from Trump in December in which he criticized the cost of the F-35 program and said he would renegotiate the prices.
Experts say that much of the cost of the F-35 program has already been committed and that it is most likely too late to make significant changes to the program.
Despite this, Lockheed Martin CEO Marillyn Hewson met with Trump in December, saying the company had heard Trump’s complaints “loud and clear” and would try to “drive the cost down aggressively.”
Shares of Lockheed slid sharply in trading after Trump’s comments on Wednesday, down 1.17% as of 11:40 a.m. ET, a drop of $3.01 a share.
- Markets Insider