US Navy's new submarines are 'in crisis' as costs balloon by $17 billion, lawmaker says [Business Insider]
General Dynamics Corporation (GD)
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Source: Business Insider
The Navy is expected to build two Virginia subs a year and faces a time crunch with upcoming deadlines. A review earlier this year found most of Navy's biggest shipbuilding projects were severely delayed. The US Navy's newest submarine program is expected to run $17 billion over its budget through the end of the decade as problems with once-smooth submarine construction deepen, a key House lawmaker said. The news comes after a major report earlier this year revealed the Navy's biggest projects, including new Virginia-class submarines, were facing severe delays of up to three years. On Thursday, House Rep. Ken Calvert, chairman of the House defense appropriations subcommittee, said in remarks prior to an oversight meeting that the Navy had "withheld information on costs and delays" and that its "plans to address" its shipbuilding crises "are primarily aspirational." "In a word, these programs are in crisis," the California Republican said. "Without exception, they are fallin
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- 7/24/24 - Miss
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- 9/19/24 - Form 4
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- 9/19/24 - Form 4
- GD's page on the SEC website