In 2015, the Mexican government learned the presidential plane would generate million-dollar losses
The controversial and luxurious plane was purchased by Felipe Calderón Hinojosa in 2012 - Photo: Daniel Becerril/REUTERS

In 2015, the Mexican government learned the presidential plane would generate million-dollar losses

26/01/2020
16:36
Francisco Reséndiz
Mexico City
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Then-President Enrique Peña Nieto asked Banobras to issue a sales study about the Boeing 787-8 Dreamliner

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Since 2015, during Enrique Peña Nieto’s administration, the Mexican government knew the purchase of the José María Morelos y Pavón TP-01 presidential plane would represent the loss of up to USD $137 million, which was purchased by the government led by Felipe Calderón Hinojosa in 2012, for USD $218.7 million,

In September 2015, then-President Enrique Peña Nieto asked Banobras to issue a sales study about the Boeing 787-8 Dreamliner assembled in 2009, which was used for flight tests by Boeing before it was purchased by the Mexican government.

The study was carried out by Ascend Flightglobal Consultancy, a company based in London. The study was finalized in December 2015.

The analysis was released by the previous administration in January 2016. It explains that the as a result of the characteristics of the market and the complex on that context, there was an important risk that the airplane would not be sold in 12 months and warns that if the Boeing 787-8 is sold within the private airplanes market in 24 months, the economic loss over its original purchase price would increase to USD $65.9 million and USD $76.26 million is it was sold in January 2019.

EL UNIVERSAL did report the purchase of the presidential airplane

Meanwhile, a projection of “future valuations” in the commercial airline market shows that in January 2016, the presidential plane could have been sold for USD $90.44 million and for USD $88.9 million in January 2017, at least USD $129.76 million less than its original price. By January 2018, it would sell for USD $85.2 million and for USD $81.6 million in 2019. It was not a good deal to purchase the Boeing 787-8.

In July 2018, EL UNIVERSAL published that experts warned the selling the airplane was not the best option since its price would depreciate between 5% and 8% every year and that it would be sold for up to 30% of its original price.

Additionally, Felipe Calderón’s administration requested modifications and equipment that increased the price of the plane by USD $218.7 million, which gives a total of USD $2,952.4 million.

Furthermore, Bonobras signed a 15-year financial lease with the federal government which means once year years had passed, the airplane would be part of the assets owned by the Defense Ministry.

The study emphasizes that “it is likely that the airplane will sell to an airline for half of the forecast loss of value mentioned, which would imply a forecast loss of value in regards to its selling price (2012) of USD $218.7 million of at least USD $128.2 million.”

Mexico's presidential plane is so luxurious it's impossible to sell it

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