Additional Coverage:
Boeing CEO Kelly Ortberg told CNBC that several 737 Max jets originally intended for Chinese airlines have been returned to the US. China halted deliveries of the planes due to ongoing trade tensions with the United States.
Ortberg stated that Boeing will likely re-sell these aircraft, as well as others slated for production later this year, to different customers due to high demand for the 737 Max. He emphasized the company’s commitment to recovery and minimizing the impact of the trade dispute.
This news comes on the heels of a better-than-expected first-quarter performance for Boeing, with a narrower loss and improved cash flow compared to analyst predictions. The surge in airplane deliveries during the first three months of the year contributed to the positive results.
The trade war between the US and China continues, although President Trump hinted at a potential softening of his stance. While he acknowledged the “very high” 145% tariff on Chinese goods, he suggested a reduction in the future, though not a complete elimination.