Boeing failed to sell any airline’s aircraft and customers canceled an order for 43 of its 737 Max jets last month as the aircraft maker continued to struggle with pandemic and landings. Max after two fatal accidents.
However, the number of cancellations reported on Tuesday fell from the previous month’s 60. Shares of Boeing rose 3% in mid-day trading.
Between cancellations and orders Boeing no longer considers for sure ̵1; often due to buyers’ fragile finances – Boeing has lost more than 800 net orders so far this year.
The coronavirus pandemic has devastated air travel, leaving airlines with more planes than they need. On top of that, Boeing is still working to get regulatory approval 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 at the design changes Boeing is making to return the aircraft to service later this year or early 2021.
With flight cancellations and other orders in jeopardy, Boeing’s unused orders have dropped below 4,500 planes.
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Boeing only delivered 4 units in July compared with the number 19 of the same month last year. That’s a huge blow to Boeing’s cash-generating capabilities because airlines typically pay half or more of the purchase price when planes are delivered.
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