Boeing soars 9% as it starts up test flights for troubled 737 Max, report says
- Boeing soared as much as 9% after Reuters reported that the company would begin a three-day certification test flight process on Monday for its troubled 737 MAX plane with FAA regulators.
- Boeing's 737 Max plane has been grounded since March 2019 following two fatal plane crashes that killed 346 people.
- According to Reuters, the "FAA has not made a decision on return to service" and there will be a multiple additional steps for Boeing to complete after the test flight certification process.
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Boeing soared as much as 8.6% on Monday after Reuters reported that the company could begin a three-day test flight certification process as early as Monday with Federal Aviation Administration regulators.
Boeing has been struggling to get its troubled 737 Max plane back up in the air since it was grounded in March 2019 following two fatal plane crashed that killed 346 people. Issues at Boeing have since been compounded by the COVID-19 pandemic as air travel plummeted across the globe.
Following Reuters' exclusive report, the FAA confirmed that it "had approved key certification test flights for the grounded Boeing 737 Max that could begin as soon as Monday," Reuters said.
An email to congress from the FAA revealed that its Type Inspection Authorization board completed its review, "clearing the way for flight certification testing to begin. Flights with FAA test pilots could begin as early as tomorrow, evaluating Boeing's proposed changes to the automated flight control system on the 737 MAX," the email said.
The email also said that the "FAA has not made a decision on return to service" and there will be multiple additional steps after the test-flight process, according to Reuters.
Despite Boeing's 9% jump today, shares are still down 44% year-to-date.
