Boeing is cutting its 737 Max production rate as the company works to return the plane to flight.

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The move underscores the growing financial risk the aircraft-maker faces the longer its best-selling plane remains grounded.

Boeing will cut production of its troubled 737 Max airliner this month, underscoring the growing financial risk it faces the longer that its best-selling plane remains grounded after two deadly crashes. The company said that starting in mid-April it will cut production of the plane to 42 from 52 planes per month so it can focus its attention on fixing the flight-control software that has been implicated in the crashes. The move was not a complete surprise. Boeing had already suspended deliveries of the Max last month after regulators around the world grounded the jet. Preliminary reports into accidents in Indonesia and Ethiopia found that faulty sensor readings erroneously triggered an anti-stall system that pushed the plane’s nose down. Pilots of each plane struggled in vain to regain control over the automated system. Muilenburg also said he has asked the company’s board to establish a committee that will review the policies and processes Boeing uses to design and develop its airplanes. That committee will look at how effective the company is able to assure the “highest level of safety” for the Max planes, as well as Boeing’s other planes.The latest decision comes the day after a preliminary report on the Ethiopian Airlines tragedy showed that the pilots of that plane performed all of the aircraft manufacturer’s procedures, but were unable to control the jet before it crashed. Mr Muilenburg said: “Safety is our responsibility, and we own it.”When the MAX returns to the skies, we’ve promised our airline customers and their passengers and crews that it will be as safe as any airplane ever to fly.”Muilenburg also said that the company was “sorry for the lives lost” in the 737 Max crashes.”The history of our industry shows most accidents are caused by a chain of events,” he wrote in his apology. “This again is the case here, and we know we can break one of those chain links in these two accidents.”

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