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Investing.com -- Boeing Co (NYSE:BA) stock ticked up 1.6% in after-hours trading on Friday after Bloomberg reported that the aircraft manufacturer secured approval from U.S. aviation regulators to increase production of its 737 jetliner.
The Federal Aviation Administration (FAA) has given Boeing the green light to raise production to 42 jets per month, according to Bloomberg, citing a person familiar with the matter. FAA Administrator Bryan Bedford reportedly communicated this decision to Boeing CEO Kelly Ortberg during a telephone call on Friday, following a thorough review of the company’s factory performance.
This production increase represents a significant milestone in Boeing’s recovery efforts after facing multiple crises in recent years. The company could reach the new production rate as soon as November, according to the source.
The plan includes maintaining the 42 jets per month rate for several months before eventually moving to 47 jets per month. The FAA will continue to monitor this production process closely as Boeing implements these changes.
The increased production authorization comes at a crucial time for the aircraft manufacturer as it works to rebuild confidence in its manufacturing capabilities and deliver on its backlog of orders.