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Boeing Company (NYSE:BA) has reportedly resumed deliveries of its 737 MAX aircraft to China after a prolonged delay due to regulatory issues.
The deliveries had been stalled for weeks following a Chinese regulatory review of the batteries powering the cockpit voice recorder.
Boeing said on July 9 it had delivered two 777 freighters to Air China, confirming widebody deliveries to China had resumed, Reuters reported.
The resumption marks a huge boost for Boeing, which has been navigating a separate safety and quality crisis.
Boeing's new plane deliveries to China have faced interruptions since 2019 after two fatal crashes involving MAX 8 jets, the report highlighted. The delays were further exacerbated by rising tensions between Washington and Beijing over technology and national security issues.
While widebody aircraft deliveries resumed in December and narrow-body MAX jets in January, single-aisle MAX deliveries had yet to restart.
Also Read: Boeing Workers Vote For Strike Mandate
However, it was indicated in June that these deliveries were expected to resume as early as July. Boeing reported that it had delivered 22 aircraft to China from the start of 2024 to April 30.
Boeing holds an inventory of approximately 140 737 MAX 8 planes, including 85 earmarked for Chinese customers, according to a year-end 2023 filing.
The company estimates that Chinese airlines will require around 8,830 new commercial aircraft by 2043, highlighting the critical importance of the Chinese market for Boeing’s future growth.
Boeing stock has lost more than 13% in the last 12 months. Investors can gain exposure to the stock via IShares U.S. Aerospace & Defense ETF (BATS:ITA) and Invesco Aerospace & Defense ETF (NYSE:PPA).
Price Action: BA shares are trading lower by 0.31% at $185.90 in premarket at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
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