Lockheed Martin F-35A Lightnings should cost $80 million each by 2020, says the Pentagon’s program chief. Well, they could, says the manufacturer—if customers order more than one year’s batch of aircraft at a time. While finding ways to push the price lower is under discussion, program officials are also citing the stealth fighter’s impressive performance in the latest Red Flag air-combat exercise: Despite a stepped-up threat, pilots “lost” only one F-35 ...

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