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Boeing faces machinists' strike, safety concerns, steep decline in 2024
(MENAFN) A machinists' strike, ongoing safety concerns with its top-selling airliner, and a steep decline in its stock price have made 2024 a difficult year for Boeing. The situation worsened on Sunday when a Boeing 737-800 crash-landed in South Korea, killing all but two of the 181 passengers onboard. This tragic incident capped off an already troubled year for the American Aviation giant. While the cause of the crash is still under investigation, aviation experts have been cautious about linking it to Boeing's earlier safety controversies.
Alan Price, a former chief pilot at Delta Air Lines and now a consultant, stressed that Sunday’s crash should not be associated with the issues surrounding Boeing's 737 Max jetliner, which suffered two fatal crashes in 2018 and 2019. Earlier this year, concerns about the 737 Max resurfaced when a door plug blew off mid-flight. However, Price pointed out that the 737-800 involved in the Korea crash is a “very proven airplane” with a strong safety record, distinguishing it from the troubled Max.
Despite its longstanding status as a leader in American manufacturing, Boeing’s reputation has taken a hit in recent years. The 737 Max disasters off the coast of Indonesia and in Ethiopia, which killed 346 people within five months of each other, left an indelible stain on the company’s safety image. Since those incidents, Boeing has faced significant financial losses, with over USD23 billion gone in the past five years. The company has also fallen behind its European rival Airbus in selling and delivering new planes.
This year, Boeing’s challenges have deepened, with its stock price dropping by more than 30 percent in 2024 alone. The repeated setbacks have damaged the company’s standing in the aviation industry, casting doubt on its ability to recover its reputation and market position.
Alan Price, a former chief pilot at Delta Air Lines and now a consultant, stressed that Sunday’s crash should not be associated with the issues surrounding Boeing's 737 Max jetliner, which suffered two fatal crashes in 2018 and 2019. Earlier this year, concerns about the 737 Max resurfaced when a door plug blew off mid-flight. However, Price pointed out that the 737-800 involved in the Korea crash is a “very proven airplane” with a strong safety record, distinguishing it from the troubled Max.
Despite its longstanding status as a leader in American manufacturing, Boeing’s reputation has taken a hit in recent years. The 737 Max disasters off the coast of Indonesia and in Ethiopia, which killed 346 people within five months of each other, left an indelible stain on the company’s safety image. Since those incidents, Boeing has faced significant financial losses, with over USD23 billion gone in the past five years. The company has also fallen behind its European rival Airbus in selling and delivering new planes.
This year, Boeing’s challenges have deepened, with its stock price dropping by more than 30 percent in 2024 alone. The repeated setbacks have damaged the company’s standing in the aviation industry, casting doubt on its ability to recover its reputation and market position.
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