Boeing orders down by nearly 50% as 737 Max woes bite

Boeing orders down by nearly 50% as 737 Max woes bite

Still, Boeing is ahead of its European rival Airbus, which last week said it had won 62 gross orders during the first three months of 2019, but some 120 cancellations left it with a negative net order.

The FAA said on April 2 that the JATR " would conduct a comprehensive review of the certification of the automated flight control system on the Boeing 737 MAX aircraft".

The 737 Max has been grounded globally, and orders for the aircraft have dried following the incidents.

Figures on the Boeing website show that the company still has 4,703 unfilled orders for 737 jetliners and a backlog of 4,648 planes of the model as of Wednesday.

Before the two crashes, Boeing was about to up production of the MAX 8 to 57 planes per month and suppliers were likely gearing up. First-quarter deliveries of all 737s including Max models fell to 89 from 132 in the same period a year ago. Meanwhile, airlines that own the almost 400 Max jets are cancelling flights.

Boeing said at the weekend it is cutting production of its 737 jetliner for the first time since the September 11 attacks in NY as the plane maker works to limit financial damage from the global grounding of its newest and best-selling aircraft model.

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Boeing CEO Dennis Muilenburg released a statement acknowledging the cause of the the recent Lion Air Flight 610 and Ethiopian Airlines Flight 302 accidents resulting from a chain of events beginning with the maneuvering characteristic augmentation system (MCAS). A total of 346 passengers and crew died in the crashes.

The company is still working on the software update, which was delayed recently by several weeks because of the discovery of a second software problem.

Separately on Tuesday, American Airlines cut a key revenue estimate after cancelling 1,200 flights in the first quarter due to the grounding of its 24 Max jets.

Bank of America Merrill Lynch on Monday downgraded Boeing's stock to "neutral" from "buy" and cut its price target to $420 a share from $480 after the crashes.

American, the world's biggest airline, said that it can't predict the future financial harm from the plane's grounding until it know how long the jets will be parked and the circumstances under which they will be allowed to fly again.

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