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Boeing orders down by almost half

Credit: Reuters Studio
Published on April 10, 2019 - Duration: 01:52s

Boeing orders down by almost half

Boeing has reported no new orders for its 737 MAX after its worldwide grounding, as well as disappointing orders and deliveries for the entire quarter.

Michelle Hennessy reports.

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Boeing orders down by almost half

Boeing has reported zero new orders for its 737 MAX since the worldwide grounding of what was once its fastest selling jet.

The world's largest planemaker - now facing its worst crisis in history - also reported disappointing orders and deliveries for the entire quarter on Tuesday (April 9).

Total orders plunged by about half of what it was last year.

And total deliveries were down 19 percent.

The U.S. planemaker became embroiled in safety concerns after two plane crashes within just five months of each other killed a total of 346 people.

It's still unclear when the 737 MAX will be allowed to fly again.

It used to account for nearly half of Boeing's deliveries but Goldman Sachs predicts no new deliveries of the model in the second quarter of 2019.

Also on Tuesday, Boeing's legal troubles grew as shareholders sued the company.

Boeing's market value tumbled by 34 billion dollars within two weeks of the Ethiopia crash, and the new lawsuit accuses the planemaker of defrauding shareholders by concealing shortcomings in safety.

According to the complaint Boeing, quote "effectively put profitability and growth ahead of airplane safety and honesty." It accuses the company of rushing the 737 MAX into the market to compete with its long-time rival Airbus.

A Boeing spokesman had no immediate comment.

The U.S. planemaker is still ahead of its European challenger.

Airbus reported last week a negative net order for the first three months of 2019 after more than 100 cancellations for its aircraft.

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