Boeing Co (NYSE: BA) does not anticipate winning approval for the 737 Max 10 before next summer, according to a report that cited Federal Aviation Administration letter that sent intensifying concerns about the company's delivery timeline.
Boeing faces a December deadline to win regulatory approval for the Max 10. Unless it gains an extension from Congress, Boeing must meet new modern cockpit-alerting requirements, Reuters reports.
"With regard to the 737-10, Boeing's current project plan timeline has the 737-10 receiving an amended type certificate no sooner than summer 2023," the report cited two sources quoting acting FAA Administrator Billy Nolen as saying in a letter to Senator Roger Wicker, the top Republican on the Senate Commerce Committee.
Last week, Boeing agreed to pay $200 million to settle civil charges by the SEC on missing public statements following airplane crashes in 2018 and 2019.
Wicker proposed extending the deadline for Boeing to win approval for the two new variants until September 2024 and hopes to attach the proposal to an annual defense bill.
The report said that it is unclear if Congress would be willing to approve the proposal. Nolen's letter said the FAA could not provide an estimate of when certification work will be completed for the MAX 7 or MAX 10.
Price Action: BA shares are up 2.26% at $128.90 during the premarket session on the last check Tuesday.
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