A Boeing plane in production earlier this year. (Jennifer Buchanan / AFP via Getty Images)

Boeing has lost $28 billion since 737 MAX crashes

For decades, Boeing was a profit machine. Two plane crashes triggered a string of problems the company has yet to recover from.

Nate Becker

7/31/24 11:37AM

Boeing announced a new CEO on Wednesday morning, marking the second time the jet maker has swapped out its top executive since two of its 737 MAXes crashed, killing hundreds of people on board. Since then, the company has been mired in problems, and its bottom line has been bathed in red ink.

Alongside the CEO announcement, Boeing said it posted a loss of $1.44 billion for the latest quarter. That brings the total amount of net losses the company has incurred since the second quarter of 2019 to a staggering $27.8 billion, according to FactSet data.

Boeing has been in dire straits for years following the two 737 MAX crashes, which happened in October 2018 and March 2019. Then in January 2024, a section of a Boeing Alaska Airlines jet blew out. Terrifying videos of the incident flooded the internet and intense scrutiny of the company’s manufacturing processes followed. The Justice Department opened an investigation into the issue.

The company also agreed earlier this month to plead guilty to misleading regulators in the run-up to the two 737 MAX crashes.

Kelly Ortberg will step in after Dennis Muilenburg and David Calhoun were unable to set the company back on course. It’s a job that was hard to hire for: The Wall Street Journal reported in June that “several high-profile candidates” had turned the company down.

Now Ortberg faces the enormous task of pulling Boeing out of the muck of all its mounting issues: a quality crisis, production slowdowns, labor negotiations, and a yearslong reputation problem.

Max Knoblauch1h

The Trump administration is reportedly planning a 50% made-in-America requirement for USMCA tariff relief

Qualifying for USMCA-related lower tariffs may soon require more US-made vehicle components, according to reporting by the Wall Street Journal.

The Trump administration is reportedly planning to introduce a 50% US content requirement for vehicles covered by the trade pact to receive lower tariffs. The content would be measured by cost, according to the WSJ.

There currently isn’t any US-specific requirement for those lower tariff rates, but in order to receive preferential tariffs, vehicles are must contain at least 75% regional content (components made in North America). Per Reuters reporting, the Trump admin is seeking to raise the Regional requirement to 82%.

These reported plans are subject to change as the US negotiates USMCA terms with Mexico over the next few months.

Overall, Tesla will likely have the easiest time qualifying for any stricter requirements. The automaker’s vehicles contained the highest amount of US/Canadian content in 2025, according to American University research. Ford, GM, and Stellantis all scored lower. Notably: the underlying government data that many domestic content measurements rely on intentionally combines US and Canadian components, so it’s difficult to know exactly how much of any given vehicle is specifically US-made.

Exclusive | Trump Administration Wants Autos Under USMCA to Be at Least 50% Made in America

These reported plans are subject to change as the US negotiates USMCA terms with Mexico over the next few months.

Tom Jones8h

The $640,000 Luce makes the average Ferrari look like a bargain

Put aside the shape; put aside the smoothing out of Ferrari’s iconic sharp edges; put aside, even, the calls from former Chairman and President Luca Cordero di Montezemolo to “take the Prancing Horse off.” On the grounds of price alone, Luce detractors might have a point.

By now, many of us will have read the criticisms of Ferrari’s first fully electric vehicle, as the Luce — which was unveiled to the world earlier this week and promptly saw the company’s shares crash out in New York and Milan — gets subtly shaded by competitors online and not-so-subtly shaded by basically everyone else.

What makes all of this worse for Ferrari is that, even by the luxury car maker’s notoriously high standards, they’ve slapped a pretty hefty price tag on the Luce, and the company’s CEO, Benedetto Vigna, has already been forced to defend the €550,000 ($640,000) price point, saying yesterday that it’s “fair to pay for innovation,” per Reuters.

While Ferrari’s cars have been getting more expensive of late, as recently as 2022, Ferrari’s average revenue per car sold was around $340,000. At nearly twice that price, this new electric model is obviously proving a little much (visually, conceptually, and financially) for many loyal and long-standing fans of the Prancing Horse to stomach.