China Development Bank (CDB) Financial Leasing Company announced that they have agreed with Boeing to cancel the purchase of 29 undelivered Boeing 737 MAX aircraft. The Chairman of CDB Financial unit Xuedong Wang said in a statement: "In light of evolving aviation market dynamics, we've been working together with Boeing over many months to re-calibrate our MAX order book to be in line with our long-term view of the market and related opportunities." CDB canceled an order for 29 undelivered Boeing 737 MAX jets, worth at least $2.9 billion, but the company will retain an order for the remaining 70 undelivered 737 MAX jets. In light of the global grounding of all 737 MAX jets and the COVID-19 pandemic, Boeing has received multiple cancellations of the 737 MAX aircraft. Just recently, Irish leasing company Avolon canceled orders for 75 737 MAX jets. The 737 MAX 10 jets still on order will be switched to the smaller MAX 8 variant while the delivery of 20 MAX jets will be deferred to dates in 2024, 2025 and 2026. The COVID-19 pandemic has severely hurt the aviation industry and many airlines that had the troubled MAX on order are beginning to question their decision more than ever.
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Boeing 777X Completes Maiden Flight
Boeing’s newest and most ambitious project of revamping the already popular 777 family has taken to the skies and successfully completed its first ever flight, on January 25, 2020.