Boeing Takes Longer to Reach MAX Production Target

Boeing's CEO Kelly Ortberg stated that it is taking longer than expected to stabilize production of its popular 737 MAX jet at a rate of 47 jets per month.

The share price dropped by about 2.25% immediately after his comments, closing down 4% for the day.

Increasing output is crucial for Boeing's financial recovery from years of crises that left it with nearly $26 billion in net debt and a damaged reputation.

Ortberg mentioned that the company has not been able to produce enough 737 wings to consistently meet the higher production rate, and needs to speed up wing production and certify its new 737 production line in Everett, Washington, to increase output to 52 jets per month next year.

The certification of the largest variant of the 737 MAX, the 737-10, is expected 'very soon,' according to Ortberg.