Boeing shares dip after first-ever 787 Dreamliner crash in Ahmedabad
The reason for the crash is unknown yet, and Boeing said it was working to gather more information.
The reason for the crash is unknown yet, and Boeing said it was working to gather more information.
The reason for the crash is unknown yet, and Boeing said it was working to gather more information.
Global aviation giant Boeing has grappled with many challenges since two fatal 737 Max crashes in 2018 and 2019. However, its Dreamliner series— nicknamed 'Plastic Fantastic' had maintained a clean safety record, but that changed with the crash of an Air India flight near Ahmedabad airport on June 12.
The Air India-operated Boeing 787-8 Dreamliner, with 242 passengers bound for London’s Gatwick Airport, crashed into a building near Ahmedabad airport, with hundreds of passengers feared dead.
According to Reuters, Boeing shares dropped by 8 per cent in premarket US trading after the incident. The reason for the crash is unknown yet, and Boeing said it was working to gather more information.
On October 29, 2018, a Lion Air 737 Max 8 crashed into the sea just 13 minutes after takeoff from Indonesia's Jakarta, killing 181 of the 189 on board. A second crash involving the same model occurred on March 10, 2019, when an Ethiopian Airlines flight went down six minutes after takeoff, killing all 157 passengers.
Following these incidents, the 737 Max flights were grounded worldwide for 2 years, with mounting criticism over safety. Since 2018, Boeing has not reported profits, losing more than $30 billion.
In early 2024, Boeing faced another setback when the fuselage panel of an emergency door on a 737 Max 9 flight operated by Alaska Airlines blew out mid-air. The flight made an emergency landing, but the incident raised serious safety concerns about Boeing aircraft.
Subsequent investigations revealed major lapses by the manufacturer, including the failure to install key bolts before the aircraft left Boeing's factory. The company's shares declined following the revelation, while rival Airbus gained significant new orders.
Following these incidents, Boeing appointed aviation industry veteran Kelly Ortberg as its new Chief Executive Officer, replacing Dave Calhoun. The Ahmedabad accident struck at a time the company was making significant efforts to regain the trust it had lost in recent years.
Dreamliner, a perfect record broken
Launched in 2011, Boeing's Dreamliner jets maintained a 100 per cent safety record. According to the Aviation Safety Network database, the Ahmedabad Air India crash is the first accident linked to a Boeing 787 aircraft.
The Boeing 787-8 Dreamliner is the smallest in the series, typically seating 248 passengers. It offers a range of 7,305 nautical miles (13,530 km). In comparison, the larger 787-9 and 787-10 variants seat 296 and 336 passengers respectively, with ranges of up to 7,565 nmi (14,010 km) and 6,330 nmi (11,730 km), all sharing the same 60-meter wingspan and powered by either GEnx-1B or Trent 1000 engines.