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Aerospace firm Boeing have joined the race for a new Concorde as they announced development of the aircraft at the American Institute of Aeronautics and Astronautics.

The unnamed aircraft is theoretically capable of flying at speeds of Mach 5 – which is nearly 4,000mph.

And this is almost three times faster than the legendary supersonic Concorde, which is decommissioned in 2003.

Boeing’s new plane would be able to cruise at 95,000ft, which is also 30,000ft higher than Concorde.

It is estimated the aircraft would be able to cross the Atlantic in two hours, and the Pacific in just three.

(Image: BOEING)

Boeing’s new plane will be bigger than business jets, but smaller than a Boeing 737, reports Aviation Week.

The aircraft is earmarked for service from the late 2030s onwards.

And it is also hoped to potentially have military applications.

Engineers at Boeing have said supersonic speeds are simply not fast enough for today’s world.

(Image: GETTY) (Image: GETTY)

Boeing chief scientist for hypersonics Kevin Bowcutt said: "When you look at the problem of getting from Point A to Point B anywhere in the world, the question is how fast do you want to go and how fast is fast enough?

"Supersonic isn’t really fast enough to go overseas and back in one day.

"For the business traveler or the military, where time is really important, that’s an interesting point.

"Mach 5 is where you can do that. You can get across the Atlantic in about 2 hours. and across the Pacific in about 3 hours.”

Concept designs of the plane show a sleek aircraft resembling a cross between a spaceship and Concorde.

Bowcutt said a hypersonic plane for military usage could be flying within ten years.

But the added when rolling out the tech to a commercial market – things take a little longer.

He said: “There’s a lot that goes into a commercial airplane, including the market, regulatory and environmental requirements, so it will happen when there is a convergence of those things."

Boeing’s new concept throws down the challenge to aerospace giants around the world trying to create the next Concorde.

NASA, Boom and Virgin are all getting in on the challenge as they look to develop a supersonic craft.

And Boeing’s promise of hypersonic travel is upping the stakes even higher.

Daily Star Online previously revealed Russia are also developing a Concorde-esque plane based on their supersonic Blackjack bombers.