Boeing 737 MAX 8 Returns To The Skies As FAA Lifts Grounding Order
Wed, 11/18/2020 – 06:48
The big day has finally arrived: Boeing shares are climbing in premarket trading Wednesday on reports the FAA Administrator Steve Dickson is set to finally release the 737 MAX 8 from a grounding order that has endured for more than 18 months.
WSJ reported Wednesday morning that the official order is expected shortly. After the grounding order is lifted, airlines will be free to return the 737 MAX 8 to service – for domestic routes, at least. Though the rest of the world is expected to follow the FDA’s lead, a new level of distrust has built up among international aviation regulators over the last year.
International regulators grounded the 737 MAX 8 following a devastating crash in Ethiopia, the second suspicious crash involving the 737 MAX 8 in the span of 6 months. In total, the crashes killed nearly 350 passengers and crew.
Since the incident, Congressional investigations have revealed corruption of the approval process for the new plane, as the FAA ceded an unprecedented level of oversight to units within Boeing. Later, internal emails revealed some engineers griping about the plane’s design, complaining that it was “designed by clowns, who are supervised by monkeys.”
Boeing shares were up 5% in recent trade, leaving the Dow component on track for a pretty hefty daily gain.
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