Boeing Company (BA) on Friday formally opened its fourth 737 MAX assembly line at its Everett, Washington, facility, expanding production capacity as the planemaker works to increase narrowbody output and strengthen its financial recovery, Bloomberg reported.

The new line will initially operate at a low production rate while Boeing refines operations before adding workers and increasing output, the report said.

The expansion supports Boeing's plans to lift 737 MAX production after receiving approval to raise monthly output to 47 aircraft, with a longer-term goal of 63 planes per month, it said. Higher production is expected to help reduce debt, improve cash flow and narrow the gap with Airbus in the single-aisle market, it added.

Boeing did not immediately respond to MT Newswires' request for comment.

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