Key insights
- The FAA has approved Boeing's 777-9 jet to enter the fourth phase of certification testing. This is a positive development for Boeing, which has faced significant delays and charges related to the 777X program. Successful certification and delivery of the 777-9 are crucial for Boeing's widebody lineup and long-term financial health, but the impact on the broader US equity market is limited.
March 18 (Reuters) - The Federal Aviation Administration has permitted Boeing to continue advancing its long-delayed 777-9 jet into the fourth phase of certification testing, the planemaker said on Wednesday.
FAA's greenlight comes a day after Boeing CFO Jay Malave said at an investor conference that the company had secured approval for the third stage.
"There are two more that we need to get approval for, and we're waiting for the next one very shortly here," Malave said.
FAA declined Reuters request for comment.
The 777-9 is the first model of Boeing's long-delayed new 777X jet, for which the company has taken $15 billion in charges on the development program, which is six years behind schedule.
The 777X succeeds the 747 and 777 and, alongside the 787 Dreamliner, makes up Boeing's widebody lineup for long-haul travel.
Last month, a company memo seen by Reuters showed Boeing's plans for the first flight of a production 777X jet in April, which is slated for first delivery next year.
The Air Current first reported the news related to the FAA's nod earlier in the day.
(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Shailesh Kuber)