Boeing speeds 737 deliveries to China in respite for new CEO

Boeing Co. delivered the most 737 Max jets to China in almost six years, offering a glimmer of progress to new CEO Kelly Ortberg as he works to clear a stockpile of completed aircraft and bolster cash at the embattled planemaker. The estimated nine handovers in August eclipsed every month since December 2018, based on data from Cirium. That was shortly before regulators grounded the Boeing narrowbody in response to two fatal crashes. Inventories swelled to about 450 undelivered Max jets by late 2020 due to the extended grounding and the Covid-19 pandemic. “If Boeing can continue August’s pace of delivery to customers in China then it will go a long way towards clearing inventory that can potentially be delivered,” said Rob Morris, head of consultancy at Cirium, the aviation analytics firm. A fresh crisis this year slowed Boeing’s effort to pare down the backlog, and the recent progress could yet unravel with a potential strike looming at the company’s Seattle-area plants. Handing over more aircraft to Boeing’s biggest export market would unlock delivery payments, easing pressure on Boeing’s battered balance sheet while Ortberg focuses on stabilizing factory operations. A Boeing spokeswoman declined to comment ahead of the August orders and deliveries report expected on Sept. 10.<br/>