Fox Business Briefs: The FAA can wait until early November before re-certifying the aircraft, says the Wall Street Journal.
Boeing did not sell aircraft and customers canceled orders for 43 of its 737 Max jets last month because the aircraft maker continued with both the pandemic and the ongoing groundbreaking of the Max after two fatal accidents.
Still, the reported cancellations were down Tuesday from 60 the month before. Boeing shares gained 3% in midday trading.
Between cancellations and orders that Boeing no longer considers certain – perhaps due to 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 they need. In addition, Boeing is still working to get approval from regulators in the United States and other countries to resume shipping of the 737 Max.
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Last week, the Federal Aviation Administration provided the most detailed look at the design changes Boeing is now making to get the aircraft back later this year or early in 2021.
With the cancellations and other orders now in jeopardy, Boeing’s backlog of unfulfilled orders fell below 4,500 aircraft.
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Boeing Co. delivered in July just four aircraft compared to 19 in the same month last year. That’s a blow to Boeing’s ability to generate cash, because airlines normally pay half or more of the purchase when the aircraft is delivered.
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