Speaking of Boeing, the company, formerly the carrier of the American aviation industry, from World War II bombers to civil aviation passenger aircraft, the reputation is out. but now, in 2024, the mechanic strike was overwhelming, directly dragging the company lost $118 billion a year, the production chain almost broken.
Not to mention the six-generation fighter project, it had been expected to reverse, and the result of the progress is delayed and delayed, afraid of yellow.
The strike ignited the production powder keg
On September 13, 2024, Boeing's mechanics union rejected the company's contract with one vote, and 33,000 workers left directly, thus kicking off the strike. This was not a small fight. It lasted for 53 full days and ended with 59% of the votes to pass the new agreement on November 4th.
The new contract promised to raise wages by 38 percent over four years, the average annual salary jumped from the previous $7.56 million to $11.93 million, and also reduced health insurance costs, which was a tough battle to win. But for Boeing, the cost is too high, the daily revenue loses $100 million, suppliers and downstream chains suffer, and the overall economic loss is estimated at $7.6 billion.
As soon as the strike stopped, production was paralyzed. The assembly lines of the 737 MAX and 787 Dreamliner have been shut down, orders are piled up, and deliveries are plummeting. Think about it, Boeing is already carrying the burden of safety investigations, but this makes things worse.
Trade union leaders have long been dissatisfied. Wages have only increased by 31% in the past 20 years. Who can bear the soaring prices? However, the company's top management always wants to suppress costs, and the suppliers are also complaining. As a result, as soon as the strike ended, Boeing announced on October 11 that it would lay off 10% of its global workforce and cut 17,000 jobs at will.
This wave of strikes also involves deeper problems. Boeing's supply chain is inherently fragile. After the epidemic, the shortage of parts has not yet slowed down. When the strike stirred up, there was a backlog of parts in the warehouse, and no one cared about trucks queuing up to unload. The FAA was originally focusing on the production limit of the 737 MAX, with a maximum of 38 aircraft per month. Now that there is a strike, the actual delivery is even less.
During the year 2024, commercial aircraft delivered more than a hundred aircraft, much less than expected.Investors looked at the earnings report, the stock price fell from $250 to less than $150 at the end of the year, who dared to invest more?The strike ended, but the junkyard left had to take months to pack up, and Boeing wanted to rise up, and had to stabilize the inside of the pot.
Layers of ledgers with 11.8 billion losses
As soon as Boeing's 2024 financial report came out, the net loss of US$11.8 billion was dazzling. This is not a small amount. It is the company's second largest deficit in four years, with a loss of US$3.9 billion in the fourth quarter alone.
Revenue was $1.78 trillion, but operating losses reached $9.9 trillion per share, exceeding analysts’ expected $3.07 core losses. Why lose so much?
Let's talk about the commercial aircraft department first. The 737 MAX series has a lot of problems. On January 5, 2024, an Alaska Airlines 737-9 MAX took off from Portland, and the door plug-in actually fell off. The FAA immediately stopped some aircraft inspections, and 346 aircraft around the world were fully inspected.
After this incident became big, the FAA conducted a six-week audit in March and found that Boeing's manufacturing control, parts storage and product management failed, and 37% of the test items failed.
The production limit is stuck at 38 aircraft per month, and the actual output is even lower. The order backlog has reached US$521 billion, but it cannot be delivered. As a result, the department lost $3.5 billion for the whole year, lost customer confidence, and regular customers like Southwest Airlines began to turn to Airbus.
The defense department was not idle either. The KC-46 tanker and 787 cargo aircraft projects were delayed, resulting in an additional loss of US$1.8 billion. Coupled with strikes and production stoppages, the supply chain has broken and parts costs have soared. Boeing originally wanted to rely on military orders to top the list, but the budget of Congress was tight and project approval was slow. Cash flow for the whole year was negative US$10 billion, debt piled up to US$58 billion, and credit ratings were about to be lowered.
CEO Kelly Otterberg shouted for revitalization after taking office, but this ledger will not be turned over in 2024.
Boeing's financial hole is also linked to the historical burden. After two MAX air crashes in 2019, the loss of billions and reputation was wrecked. After re-flight in 2020, it was thought to be able to breathe, as a result of the 2024 door plug-in event again, the FAA withdrew the certification rights, and Boeing had to take his own backpack repairs.
In the first half of 2025, revenue quickly rose to $42.2 billion, operating profits shifted, and in August 57 aircraft were delivered, which could be too big for the whole year and not to be repaired in the short term. Investors are now looking at Boeing, like gamblers look at the mess, high risk returns are low. If Boeing wants to stop the blood, it has to change from the root, a little bit less of the capital game, more of the production control.
The Max Nightmare.
Boeing's decline cannot avoid the thorn of the 737 MAX. From the Indonesian Lion Air in 2018 to the Ethiopian air disaster in 2019, 346 lives were lost, and the failure of a single sensor in the MCAS system was the chief culprit.
After the re-flight, the lessons should be learned, but the 2024 issue starts again.After the Alaska incident in January, the FAA audit exposed manufacturing vulnerabilities, and Boeing's "Speak Up" reporting tool increased by 220% in 2024 and employees' feedback on the security culture.
The chief security officer issued a report in February, promising improvements that could be implemented in a slow absorption.
The FAA completed the audit in March 2024, Boeing's production control line was not up to standard, and parts tracking was in a mess. As a result, the FAA blocked MAX production, and Boeing had to be supervised by a third party to deliver the factory.
In June, Boeing supported the NTSB investigation, promising to strengthen training, but customers still didn't buy the bill. European and Taiwan airlines delayed receipt, and orders were severely lost.
On September 26, 2025, the FAA gave Boeing 737 MAX and 787 final certification rights, allowing self-inspection and self-certification, provided that the rectification was in place. The production cap was lifted from 38 aircraft, but Boeing had to prove itself reliable.
This hidden danger is nothing new. As early as the 1990s, the global relocation of factories began, the skilled workers were broken, and the employees of fast food restaurants were transferred to assembly, so the quality barrier could not be checked. The management is financialized, those who know about aircraft don't care about anything, and those who know about money take care of safety. Once the cost is reduced, the design will steal work. FAA supervision is also loose. When MAX went public in 2016, Boeing was asked to self-evaluate, and hidden dangers were buried.
In 2024, after the door plug-in incident, a congressional hearing was held again. Executives bowed their heads and admitted their mistakes, but their actions could not keep up. Boeing's safety report says a comprehensive upgrade will be carried out in 2025, but who will believe it? Employees report too much, which means that internal trust has collapsed.
The nightmare of MAX continues to disappear, and Boeing's commercial business cannot hold its head high. The Airbus A320neo has seized the market, and its share has dropped from 50% to less than 40%.
In the final analysis, Boeing's safety problem is grounded, that is, the top management has floated and the grass-roots level has suffered. Employees shout for fair pay when they go on strike, but behind it is that no one cares about the quality of their work.
The pace of delivery will improve in 2025, and 60 aircraft will be delivered in June. However, once hidden dangers emerge, there is no confidence. Boeing has to change its culture. Don't always shout slogans. Employees and customers have sharp eyes.
Invisible stumbling under the six-generation blueprint
Boeing's trouble is more than commercial, military projects followed.The six-generation NGAD plan, which was a reversal, the White House announced on March 21, 2025, the F-47 model targeted, Boeing took the piloted part, the goal of the first flight in 2028.
The Air Force Minister said in September that the F-47 has entered production, wishes China good luck, and can actually progress behind the Chinese J-36 and J-50 four years, hidden and AI technology can not catch up.
Why delay? Boeing's mess was the main cause. The strike stopped the military line, the supply chain broke, the F-47's composite materials and engine testing was delayed. Congressional budget war, the Navy's F/A-XX project raided funds, the White House warned in July that F/A-XX voted and the F-47 had to be delayed for two years. NGAD launched in 2020, the plan is to serve in 2030, and the first flights are now suspended.
Boeing's defense business will lose 1.8 billion yuan in 2024, KC-46 is delayed, and its credibility is at its bottom. Military officials shook their heads when they read the report.
On September 22, 2025, the Air Force announced the start of F-47 production, the construction of the Boeing California base, the chain of funding can be tightened, and the goal of 2028 is to shake.The European GCAP project aims to serve in 2035, China is progressing rapidly, Boeing is in trouble, and the six-generation dream is to be broken.
To be honest, Boeing has gone from being the champion of B-29 mass production in World War II to being unable to even accept military orders. The lesson is too profound. If the management is not changed, no matter how good the technology is, it will be in vain.
The fall of Boeing, to put it bluntly, is the loosening of the industrial foundation. Strikes, losses, security, military aircraft, accidents across the entire chain.