Boeing as most of the world knows are one of the top 2 commericial airline manufacturers with Airbus. Boeing has had 2 crashes in recent months of it's new flagship plane the Boeing 737 Max, which put the fear of God into passengers, and airlines alike. Even though it was slow to happen, all Boeing 737 Max planes are grounded for passenger flights anyway due to the second crash in the space of around 6 months. The first crash on October 29th 2018 was a LionAir flight off the coast of Jakarta in Indonesia, killing all 189 (passengers + crew) on board when it crashed into the sea.
The second crash of a Boeing 737 Max plane specifically the second crash of the Max 8 version of this fleet, was outside Addis Ababa in Ethiopia on March the 10th this year. Unfortunately again no survivors were found, bring the total deaths caused by these planes to 346 people. In the space of 132 days Boeing had killed 346 people. At that rate they'd be killing 950 people a year if further planes had the same issues at similar frequencies.
I think it was wise to ground the planes, figure out what went wrong and is it possible to fix it so that these planes will be safe to fly. In the meantime airlines, travel agents are trying to gauge if the public will want to fly aboard these modern planes at all. One airline pulled the trigger today and decided to cancel an order of delivery of 737 Max planes.
"Indonesian airline Garuda cancels order for 49 Boeing 737 Max jets."
According to wikipedia, each unit of this new fleet is tremendously expensive and if more airlines follow suit, Boeing will be hit hard. Imagine if they had to abandon the development and building of this new design and revert back to the traditional Boeing 737 Next Generation. Imagine the compensation they will have to pay victims of the 2 tragedies.
I think air travel will suffer the longer the Max fleet are grounded, but they have to be grounded until they are safe to fly again.
Boeing share price is down 19% since it's all time high before the accident in Ethiopia. Trouble is brewing. Turbulent skies ahead. If I held Boeing now, I'd sell it and buy it back later at a cheaper price below 300 dollars a share. (not financial advise but my opinion)
screenshot from googling ( boeing share price)
excellent
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