After one of their aircraft was involved in a catastrophic mid-air blowout in the US, Boeing’s stock price fell.
When a 737 Max 9 operated by Alaska Airlines had a cabin panel ripped off, it had to make an emergency landing and safety regulators had to ground other aircraft of the same type that had the faulty door plug.
The US aircraft manufacturer had a more than 8% decline in its stock on Monday before recovering somewhat.
Spirit Aerosystems’ stock, which produced the component, fell as well.
The incident puts Boeing under further scrutiny as it attempts to come out of the shadow of two high-profile crashes involving the Max 8, a different kind of 737, that occurred in 2018 and 2019 and claimed 346 lives.
In order to provide a more fuel-efficient choice for short- and medium-haul flights, Boeing began designing the 737 Max in 2011.
Although it has gained popularity among airlines, it has been plagued by quality concerns due to electrical malfunctions, loose bolts, and other problems, some of which have also impacted Spirit AeroSystems.
According to John Grant, chief analyst at the aviation analytics company OAG, “you have a lot of individual incidents that are adding up to a very long catalogue of problems for Boeing and indeed for their airline customers who need to use these aircraft.”
“You just sense that perhaps something has slipped in Boeing and it’s been like that for a couple of years and they haven’t got to grips with it.”
The nature of the malfunction that led to the incident on Friday, which involved an aircraft that was only a few months earlier cleared for takeoff and put into operation, is still unknown.
One aviation analytics company’s chief analyst, John Grant, stated that “you have a lot of individual incidents that are adding up to a very long catalogue of problems for Boeing and indeed for their airline customers who need to use these aircraft.”
“You just sense that perhaps something has slipped in Boeing and it’s been like that for a couple of years and they haven’t got to grips with it.”
It is yet unknown what kind of malfunction caused the mishap on Friday, involving an aircraft that was cleared for takeoff and service just a few months prior.
“Boeing are really going to come back under the microscope again,” he stated.
Following the event, Boeing declared its dedication to safety and cooperation with authorities.
In a statement released on Monday, Spirit AeroSystems—which appointed a new CEO in October—stated that its “primary focus” was “the quality and product integrity of the aircraft structures we deliver”.
“We are grateful the Alaska Airlines crew performed the appropriate procedures to land the airplane with all passengers and crew safe,” Spirit stated in a statement.
“Spirit is a committed partner with Boeing on the 737 program, and we continue to work together with them on this matter.”
Following the incidents in 2018 and 2019, Boeing’s main rival Airbus has surpassed Boeing to become the world’s largest plane seller, gaining market share.
In Monday’s trading, the French company’s shares increased by 3%.