Boeing's employee parking lot is packed with 737 Max jets. Storing the grounded planes is yet another hit to the embattled plane maker's bottom line.
- Boeing's employee parking lot is packed with grounded 737 Max jets, the local Seattle news station KING-TV first reported last month.
- Boeing has lost more than $1 billion throughout the 737 Max debacle, according to the company's most recent earnings report.
- And storing those planes is yet another hit to the embattled plane maker's bottom line. It costs some $2,000 a month per plane, Bloomberg reported.
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Boeing has struggled to manage its supply of 737 Max jets months after the fallout from two fatal crashes involving the planes in October and March.
And now Boeing has had to crowd its employee parking lots with some undelivered planes, the local Seattle news station KING-TV reported.
"We are using resources across the Boeing enterprise during the pause in 737 Max deliveries, including our facilities in Puget Sound, Boeing San Antonio, and at Moses Lake," the Boeing spokesperson Paul Bergman told Business Insider. "This is part of our inventory-management plan."
Faulty software on the Boeing 737 Max has led to two fatal crashes, which together killed 346 people. The 737 Max was grounded worldwide after the March crash, leading Boeing to a first-quarter loss of $1 billion.
The embattled plane maker is also shelling out quite a bit of money just to store those undelivered airplanes. Bloomberg reported that Boeing is spending some $2,000 a month to park each of them.
The Bloomberg Intelligence analyst George Ferguson estimated that Boeing's inventory costs would surge to $12 billion by September.
"They can't keep building and parking planes indefinitely," Ferguson told Bloomberg. "We don't think it will get to that, but it's going to take a lot of cash to park those in the desert."