That was made worse by the company's response, according to industry experts, who described their efforts variously as 'terrible,' and 'rough.'
NEW YORK: After a second air disaster involving the 737 MAX 8, aviation giant Boeing swung into crisis mode, losing US$25 billion of market capitalisation and suffering a severe hit to its reputation.
"Instead they just kind of let things dragged on and they end up losing a lot of market cap and a lot of business."It was not until Wednesday after many governments and airlines worldwide had already banned the plane, that Boeing followed suit"out of an abundance of caution." And despite the growing use of the MAX worldwide, in China and Europe in particular, Boeing only issued brief statements, and meanwhile appeared to be attempting to prevent the US authorities from grounding the plane.
Michael Priem of communications firm Modern Impact in Minneapolis, agreed Boeing should have moved faster to reassure the general public.
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