Boeing (NYSE:BA) won orders for at least 40 wide-body jetliners from Korean Air, including the yet-to-be-certified 777X jetliner, in a vote of confidence for the struggling manufacturer.
The order, announced at the Farnborough Airshow outside of London, includes 20 777X planes, the largest in Boeing’s commercial jet lineup, and 20 787-10 Dreamliner planes, both long-range jets. The airline can also upsize its order for 10 more of the Dreamliners, the biggest option for that model.
Korean Air CEO Walter Cho said he expected to start receiving the planes later this decade.
The twin-engine 777X is years behind schedule but earlier this month began certification flight tests with the U.S. Federal Aviation Administration, a major milestone.
Boeing customers have been grappling with delayed aircraft, in part due to post-Covid supply chain snarls that have hit the aerospace industry, but also related to a safety crisis and manufacturing flaws, particularly after a door plug blow out earlier this year on one of its smaller and bestselling 737 Max planes.
“If I wasn’t assured, I would not have ordered it,” Cho said at a news conference of Korean Air’s order. “I know Boeing will pull through whatever it is they’re going through right now, and I have full confidence in Boeing.”
BA shares gathered 30 cents to $179.97.
