In december 2003, Boeing announced it would go ahead with the development of its latest commercial jetliner, the 787, which will be position against Airbus's popular A330. Built out of new ultralight composite materials and using new engine technology, Boeing hopes to reduce the 787's operating costs by as much as 20 percent compared to a traditional design. If it is successful, this will make the plane a potent competitor against the best-selling A330.