Boeing faced another setback as one of its planes was forced to land due to fuel spewing from its landing gear, marking the fifth incident involving a Boeing plane in just seven days. The plane, a San Francisco-bound 777-300, had fluid leaking from its undercarriage as it departed from Sydney. This incident added to the woes of the embattled manufacturer, which also saw a whistleblower, a former Boeing employee, found dead from an apparent suicide, after speaking out about sub-standard parts being fitted on planes.
Following these incidents, Boeing’s shares plummeted more than 4% overnight, resulting in a loss of over $4 billion in market value. United Airlines, in response to the recent troubles, requested Boeing to halt work on the unreleased Max 10 jets. These incidents have raised concerns about Boeing’s safety standards, especially after a previous incident involving a 737 Max that led to the grounding of the model for two years after two fatal crashes in 2017 and 2019.
The continuous technical failures and safety concerns surrounding Boeing have not only impacted the company’s market value but have also led airlines like United and Southwest to cut flights and pause hiring due to delayed aircraft deliveries. With increasing scrutiny from regulatory authorities and ongoing investigations, Boeing is facing a challenging time to restore faith in its safety standards and quality control processes across its aircraft models.
