Boeing announced Friday it would cut the production schedule of its 737 aircraft line following the two recent crashes that have seen the 737 MAX grounded worldwide.
The aerospace giant plans to trim production to 42 planes per month, down from 52 per month, starting in mid-April.
Boeing shares tumbled after the disclosure, which was released just after the closing bell on Wall Street.
Boeing also announced it was establishing an advisory panel to review its company-wide policies for designing and developing planes.
The Federal Aviation Administration earlier this week said more work was needed before the aerospace giant could even submit a proposed fix that is believed to be a factor in the disasters.
