Boeing did not sell airline planes, and customers canceled orders for 43 of its 737 Max aircraft last month as aircraft maker continued to struggle with both the pandemic and Max’s ongoing argument after two deadly crashes.
Still, the cancellations reported on Tuesday had dropped from 60 a month earlier. Boeing shares gained 3% in midday trading.
Amid cancellations and orders that Boeing does not consider safer ̵1; often because of the buyer’s fragile financial position – Boeing has lost more than 800 net orders so far this year.
The coronavirus pandemic has devastated air travel, leaving airlines with more aircraft than needed. Moreover, Boeing is still working to obtain approval from regulators in the United States and other countries to resume shipments of the 737 Max.
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Last week, the Federal Aviation Administration provided the most detailed look yet at the design changes Boeing is making to get the aircraft back into service later this year or early 2021.
With cancellations and other orders now in jeopardy, the backlog of Boeing unfulfilled orders fell below 4,500 aircraft.
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Boeing Co. delivered only four aircraft in July compared to 19 in the same month last year. This is a blow to Boeing’s ability to generate money because airlines usually pay half or more of the purchase price when the aircraft is delivered.
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