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SINGAPORE : Lockheed Martin said a new generation fighter aircraft that it is being developed now will surpass the sales figures of its current best-seller, the F-16.
The world's biggest defence company by revenue is currently working on the F-35 Joint Strike Fighter jet.
Despite some delays, Lockheed said it has seen significant interest in Asia for the aircraft.
Lockheed's new F-35 strike fighter jet is seen to be a potential successor to its current popular F-16 model, which is used by several air forces around the world.
The company said the F-35 is now about halfway through its development and flight testing stages. Lockheed hopes to start full production of the plane by 2014.
"Singapore's interest is increasing. We have significant interest with Korea, Japan and many other countries. We expect the total market for F-35 to be equal to or greater than the F-16, which is currently over 4,500 aircraft," said Steve O'Brien, VP of F-35 Business Development, Lockheed Martin.
But the new jet development has also been suffering from cost overruns and delays, leading the US Defence Department to withhold performance fees of US$614 million for the fighter jet.
Still, Lockheed believes this will not affect its schedule for the aircraft. It said a US$2.8 billion commitment from the Defence Department will help the research and development phase of the aircraft, which will enable it to finish on time.
The company is also increasing production of its heavy lift transport plane, the C130-J. It wants to produce 25 of the aircraft this year and 36 next year, compared with just 16 in 2008.
Lockheed acknowledged that its European rival EADS has also been developing a heavy lift aircraft that claims to be able to carry twice the load of the C-130. But Lockheed believes it will still maintain its near monopoly for heavy lift aircraft.
"The C-130J is the most cost effective, flexible airlift capability for air forces today. I don't see that changing," said Pat Dewar, VP of International Business Development, Lockheed Martin.
Going forward, Lockheed said its aeronautics sales will be fuelled by the delivery of 26 transport planes this year and the ramping up of its F-35 fighter. - CNA /ls
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