DETROIT – Ford Motor is delaying production of a new all-electric large SUV and pickup truck, as it shifts to offer hybrid options across its entire North American lineup by 2030.

The Detroit automaker on Thursday said it will continue to invest in EVs, but it is postponing production of the three-row SUV at a plant in Canada from 2025 to 2027 to allow for the market to mature more. The pickup is being pushed back from late 2025 to 2026.

The shift in EV plans is the latest for Ford and the entire automotive industry as adoption has been slower than many expected and production costs remain high.

Ford last year said it would delay or cancel $12 billion in planned spending on new electric vehicles due to the shifting market conditions as well as challenges to profitably building and selling the vehicles. It was not immediately clear whether the new delays were part of those plans.

“As the No. 2 EV brand in the U.S. for the past two years, we are committed to scaling a profitable EV business, using capital wisely and bringing to market the right gas, hybrid and fully electric vehicles at the right time,” Ford CEO Jim Farley said Thursday in a statement.

The three-row SUV was part of a roughly $1.3 billion investment to transition Ford’s Oakville Assembly Plant in Ontario, Canada, into a new electric vehicle hub. It was supposed to be Ford’s first time completely retooling a North American facility producing gas-powered vehicles into one that manufactures EVs.

“The additional time will allow for the consumer market for three-row EVs to further develop and enable Ford to take advantage of emerging battery technology, with the goal to provide customers increased durability and better value,” the company said in a release.

Ford said it will continue to focus its EV efforts on new plants such as its “BlueOval City” campus in Tennessee rather than transitioning current facilities producing engine-powered vehicles to all-electric models.

“Our breakthrough, next-generation EVs will be new from the ground up and fully software enabled, with ever-improving digital experiences and a multitude of potential services,” Farley said.

The automaker said the massive Tennessee facility, which was part of an $11.4 billion investment announced in 2021, will begin production of Ford’s next-generation all-electric truck, codenamed “T3,” in 2026, rather than 2025.

Ford said it is continuing construction of battery plants in Michigan, Tennessee and Kentucky.

In the first quarter of 2024, Ford’s electric vehicle sales increased by 86% from subdued levels a year earlier. Hybrid sales for the automaker rose 42% year over year, while sales of Ford’s traditional vehicles with internal combustion engines were up 2.6%.

Ford’s “Model e” electric vehicle business lost $4.7 billion in 2023, including $1.57 billion during the fourth quarter. In February, the automaker said it expected the unit to lose between $5 billion and $5.5 billion in 2024.

The collapse of Baltimore’s Francis Scott Key Bridge is likely to send shock waves across the U.S. economy, as a key shipping route for certain goods remains snarled for the foreseeable future, officials said Sunday.

“This is not [just] a Baltimore catastrophe, not a Maryland catastrophe. This is a national economic catastrophe as well,” Maryland Gov. Wes Moore said Sunday on CNN’s “State of the Union.”

The channel that’s now blocked by the wreckage is a primary access point for the Port of Baltimore, which Moore described as among the “busiest [and] most active” in the nation.

“This is going to impact the farmer in Kentucky. This is going to impact the auto dealer in Ohio. This is going to impact the restaurant owner in Tennessee,” he said.

U.S. Transportation Secretary Pete Buttigieg echoed that sentiment.

“It’s important not just to the people and the workers of Baltimore, but to our national supply chains to get that port back up and running as quickly as possible,” Buttigieg said on CBS’ “Face the Nation.”

The bridge collapsed Tuesday after a large cargo ship crashed into it, following a mayday call shortly before the collision. Two construction workers died; four are missing and presumed dead.

An operation to remove the ship, clear out debris and reopen the channel began Saturday, officials said.

“Parts of the non-federal channel are already being worked on and there is a 1,000-ton-capacity lift crane on a barge being put into place now,” Buttigieg said. There’s another 600-ton crane on the way, he added.

There isn’t yet a timeline for that salvage work to be completed, Buttigieg said. The time frame for the bridge to be rebuilt is also unclear, he said.

Federal and local officials reiterated that the operation would be lengthy and complex.

“We have a ship that is nearly the size of the Eiffel Tower that is now stuck within the channel that has the Key Bridge sitting on top of it,” Moore said. “And so this is going to be a long road. … But movement is happening.”

The Port of Baltimore processed a record 1.1 million containers of cargo in 2023, according to state data. That made it the ninth-busiest port in the nation based on U.S. trade volume, wrote Ryan Petersen, chief executive of Flexport, a supply chain logistics company.

It also handled nearly 850,000 shipments of cars and light trucks in 2023, more than any other port for the 13th consecutive year, according to state data.

“This port is the No. 1 port for cars and farm equipment,” Baltimore Mayor Brandon Scott said Sunday on “Face the Nation.”

“So this matters to folks in rural North Carolina and Kansas and Iowa,” he added. “This matters to the global economy.”

Additionally, there are more than 15,000 people who work directly for the port, and thousands of others whose livelihoods depend on it, Sen. Chris Van Hollen, D-Md., said on ABC’s “This Week.”

The Small Business Administration announced Saturday that it would make low-interest, long-term loans of up to $2 million available to local small businesses in the mid-Atlantic region affected by the bridge collapse.

The U.S. government awarded Maryland an initial $60 million in funding to clear the wreckage. The federal government will cover 90% of the costs to rebuild the bridge, said Van Hollen. He plans to introduce legislation along with Sen. Ben Cardin, D-Md., to cover the remaining 10%, Van Hollen said.

President Joe Biden said Tuesday that he intends for the federal government to pay for the entire cost of rebuilding the bridge, and expects Congress to support that effort.

Some lawmakers have balked at the idea, though. Rep. Dan Meuser, R-Pa., called Biden’s notion of using federal funds to cover the full cost “kind of outrageous.”

While the current Congress is divided, Buttigieg expressed confidence that lawmakers would approve bridge funding on a bipartisan basis.

“If we can see Republicans and Democrats cooperate to get President Biden’s infrastructure package through, surely they can cooperate to help America and Baltimore deal with this tragedy,” he said Sunday on MSNBC.

MSC, the largest ocean carrier in the world, has joined the list of ocean carriers terminating the delivery of diverted containers outside of the port for shipping clients as a result of the container ship accident near the Port of Baltimore that led to the tragic bridge collapse. With the Baltimore port indefinitely closed, the decision places the onus of cargo pick up at a diverted port and transport to its final destination on the shipper.

In an email to customers obtained by CNBC on Thursday, MSC explained that for customer containers already on the water bound for the Port of Baltimore, cargo will be rerouted and discharged at an alternate port where it will be made available for pick-up.

“For these shipments, the contract of carriage will be declared terminated at this alternate port and storage, D&Ds and on-carriage costs to the initially intended destination will be for the sole cargo’s account,” the MSC advisory said.

MSC added that “passage to and from Baltimore is at this time impossible and will not be reestablished for several weeks if not months.”

CMA CGM, COSCO, and Evergreen were the first carriers to announce similar moves and in some cases formally declare “force majeure,” a legal term which refers to the right to waive contract duties when events beyond a party’s control occur.

MSC said in its customer communication that it “apologizes for the disruption caused by this contingency plan which is required in response to events beyond our control, but which is taken in compliance with the terms of the contract of carriage.”

MSC did not immediately respond to CNBC’s request for comment.

Maersk is the only major carrier to say it will provide transport from diverted ports for customers. 

Maersk was the charter of the Dali, 10,000-container capacity containership that lost control and crashed into the Francis Scott Key Bridge in the early hours of Tuesday.

After the pandemic boom which led to historic profits, ocean carriers have been through a period of financial and operational challenges, with vessel overcapacity, declining earnings, and the Red Sea Houthi attacks and Panama Canal drought leading to costly diversions from major global trade routes.

Logistics companies have been scrambling since the accident to make alternate transport plans and keep up with carrier diversions, and executives told CNBC on Wednesday that the next few days will be critical in the movement of the diverted trade away from the Port of Baltimore.

The Port of Baltimore, the nation’s eleventh-largest port, is No. 1 in the U.S for auto/light truck and agriculture tractor imports and exports, in addition to handling clothing, household goods, construction materials, electronics and appliances, and produce.

Among the unresolved issues, logistics executives have cited ocean carriers not updating their vessel transits fast enough to alert them to the new diverted port so they can plan for their customer’s container pick-up.

Major ports up and down the East Coast, including Savannah, Brunswick, Virginia, Charleston, and New York/New Jersey, as well as the companies providing chassis for rail and truck transport, have told CNBC they have the capacity to ramp up operations to meet the needs of incoming cargo.

In a series of updates, MSC sent a list of 23 vessels arriving to the diverted ports from March 28-April 29. Eight have an unknown diverted port, 11 are headed to the Port of New York/New Jersey; three to Norfolk; and one to Philadelphia.

On Thursday, Transportation Secretary Pete Buttigieg had a meeting with supply chain professionals about the crisis and how to mitigate any congestion. The meeting included ocean carriers CMA CGM, Maersk, MSC, Evergreen, and railroads CSX and Norfolk Southern. The Port of New York/New Jersey, Georgia, Baltimore, Philadelphia, Jacksonville, South Carolina and Virginia were also in attendance. Shipping clients at the meeting included John Deere, Stellantis, Home Depot, Under Armour, and Volkswagen.

“We are much better equipped to mitigate supply chain disruptions than we were just a few years ago, thanks to increased coordination across the supply chain and new efforts to strengthen both our physical and digital infrastructure,” Buttigieg said, according to a readout from the meeting.

National Economic Advisor Lael Brainard, who was also in attendance, noted that in previous disruptions, the lack of complete information across different components of the private sector and the public sector hampered the decision-making capabilities and responses. She cited the recent DOT FLOW initiative as a difference maker. “It has already been activated to bring the full capacity of all the agencies in the federal government to make sure that we’re helping ocean carriers, port leaders, railroads, shippers, and unions to all come together to assess potential supply chain impacts and then work together to address them.”  

Paul Brashier, vice president of drayage and intermodal at ITS Logistics, said the greatest challenges may be experienced by smaller companies that coordinate the bookings themselves and may not have relationships at these diverted ports. “You want to get your diverted container out of the port as soon as possible so you don’t incur any detention and demurrage fees. For some of these shippers they are starting from scratch,” Brashier said.

Once a container arrives at a terminal, the clock begins ticking on the free time allocated to a container. Once that free time expires, detention and demurrage fees start unless ports agree to waive them.

“We are looking to see if terminals will either give an extension of free time or waive the fees,” Brashier told CNBC on Wednesday. “That’s the rub right now.”

Baltimore’s Francis Scott Key Bridge collapsed after a container ship hit it early Tuesday.

Up to seven people may have fallen into the water after the crash, according to Baltimore City Fire Department Chief James W. Wallace. Two people were rescued, with one transported to a trauma center in very serious condition.

The bridge carries Interstate 695 across the Patapsco River, southeast of the Baltimore metropolitan area.

The crash by the large container ship occurred around 1:30 a.m. ET,  when contractors were working on the bridge, according to Paul Wiedefeld, Maryland’s transportation secretary.

Wiedefeld said the incident is an active search and rescue mission and that vessel traffic into and out of the Port of Baltimore is suspended until further notice.

“This is a very large incident, it involves a very large footprint,” Wallace said in a press briefing.

The fire department chief said sonar scans had detected the presence of submerged vehicles, but could not disclose the number of cars involved.

“The latest information we have on the crew of the ship is that they still are on board of the ship,” Wallace said, adding that rescue agents must first do a damage assessment of the vessel before being able to board. Asked if the ship was suffering any technical impairments, he said, “We do not have that information.”

“There is absolutely no indication that there was any terrorism, that this was done on purpose,” a Baltimore police spokesperson said during the briefing Tuesday. “There is absolutely no indication that this was intentional.”

Completed in 1977, the bridge took the name of Francis Scott Key, whose poem was the foundation of the U.S. national anthem.

The vessel that collided with the bridge has been identified by the U.S. Coast Guard.

“USCG confirms the ship is the 948-ft DALI vessel. USCG has deployed three response boats, and pollution responders are en route from the Sector Maryland-National Capital Region,” the U.S. Coast Guard’s Matthew West told NBC News.

Shipping data indicates that the Singapore-flagged container vessel is under the management of Synergy Marine Group, which said in a statement that all 22 crew members on board, including two pilots, had been accounted for.

“Whilst the exact cause of the incident is yet to be determined, the ‘DALI’ has now mobilised its Qualified Individual Incident response service,” the group said. “The US Coast Guard and local officials have been notified, and the owners and managers are fully cooperating with Federal and State government agencies under an approved plan.”

Marine traffic data suggests the ship was bound for Colombo, Sri Lanka.

Maersk later confirmed chartering the vessel.

“We can confirm that the container vessel ‘DALI’, operated by charter vessel company Synergy Group, is time chartered by Maersk and is carrying Maersk customers’ cargo. No Maersk crew and personnel were onboard the vessel,” the company said.

“We are closely following the investigations conducted by authorities and Synergy, and we will do our utmost to keep our customers informed.”

The Maritime and Port Authority of Singapore said in a statement it “will provide full cooperation to the US Coast Guard in its investigations.”

The office of Maryland Gov. Wes Moore said emergency personnel remained on the scene after the bridge’s collapse.

“I have declared a State of Emergency here in Maryland and we are working with an interagency team to quickly deploy federal resources from the Biden Administration,” the governor said.

“We will remain in close contact with federal, state, and local entities that are carrying out rescue efforts as we continue to assess and respond to this tragedy.”

Correction: This article has been updated to reflect that the Francis Scott Key Bridge carries Interstate 695 and crosses the Patapsco River.

Shares of Intuitive Machines jumped 16% in trading Friday after the company’s successful first moon landing.

Intuitive Machines’ Nova-C cargo moon lander known as “Odysseus” on Thursday became the first privately developed spacecraft to land on the lunar surface — as well as the first U.S. spacecraft to soft-land on the moon in more than 50 years.

The company, based in Houston, Texas, confirmed that the IM-1 mission lander was standing upright and sending data back to Earth.

“Odysseus has found his new home,” Tim Crain, Intuitive Machines’ CTO and IM-1 mission director, said Thursday evening from the company’s mission control.

Intuitive Machines stock initially ripped 40% higher before paring gains with heavy trading volume to close at $9.59 a share. The company has a market valuation of about $1 billion.

The company’s stock has been rallying over the past month as excitement built in the lead-up to and progress of the IM-1 mission. Intuitive Machines went public via a SPAC a year ago and shares had steadily slid to all-time lows near $2 in January.

Wall Street analysts emphasized to CNBC ahead of the landing that the unprecedented nature of the event could lead to volatile momentum trading.

“We’ve never witnessed a publicly traded company go through [a moon landing attempt]. So this is new, not just for investors, but for us analysts as well,” Cantor Fitzgerald’s Andres Sheppard said before the landing.

In a note to investors after the landing, Cantor Fitzgerald increased its price target on Intuitive Machines’ stock to $13 a share from $4 a share.

“In our view, this validates the company’s technology and adds significant credibility to the business. As such, we believe Intuitive Machines is now very well positioned to continue to capitalize on the growing commercial space economy, and on subsequent launches,” Sheppard wrote in the note.

Intuitive Machines, in a statement Friday morning, said that “Odysseus is alive and well,” noting that the lander is charging its solar panels.

“Flight controllers are communicating and commanding the vehicle to download science data,” the company said.

The company and NASA plan to hold a press conference at 5 p.m. ET on Friday.

The Odysseus lander carried 12 government and commercial payloads — six of which are for NASA under a $118 million contract through the agency’s Commercial Lunar Payload Services, or CLPS, initiative.

Intuitive Machines has already won two more CLPS contracts for future lander missions, with IM-2 expected to launch as early as the second half of this year.

Additionally, the company has part of a five-year $719 million contract to provide engineering services to NASA’s Goddard Space Flight Center in Maryland. Analysts expect the Goddard contract is worth about $11 million per month in revenue for Intuitive Machines, with Cantor Fitzgerald estimating the company will bring in about $338 million in fiscal year 2024 revenue.

DETROIT — General Motors beat Wall Street’s top- and bottom-line expectations for the fourth quarter, while forecasting another strong year despite potential economic and sales head winds.

The Detroit automaker’s 2024 guidance calls for net income attributable to stockholders of $9.8 billion to $11.2 billion, or $8.50 to $9.50 earnings per share; adjusted earnings before interest and taxes (EBIT) of $12 billion to $14 billion, or $8.50 to $9.50 adjusted EPS; and adjusted automotive free cash flow between $8 billion and $10 billion.

The earnings guidance is largely better than GM’s 2023 results and in line or higher than many Wall Street analysts’ expectations of flat results compared with 2023.

Here’s how the company performed in the fourth quarter, compared with average estimates compiled by LSEG, formerly known as Refinitiv:

Adjusted earnings per share: $1.24 versus $1.16, estimatedRevenue: $42.98 billion versus $38.67 billion, estimated

For the fourth quarter, GM reported net income for stockholders of $2.1 billion, or $1.59 per share, compared with $2 billion, or $1.39 per share a year earlier. Adjusting for one-time items, GM earned $1.24 per share, topping Wall Street expectations.

Revenue was largely flat year over year, at $42.98 billion compared with $43.11 billion for the final three months of 2022.

GM’s full-year 2023 revenue was about up 10% compared with the prior year, at $171.84 billion, with net income attributable to stockholders of $10.13 billion and adjusted earnings before interest and taxes of $12.36 billion. That compares with 2022 revenue of $156.74 billion, net income attributable to stockholders of $9.93 billion and adjusted EBIT of $14.47 billion.

“As we begin 2024, I believe GM is well positioned for another year of strong financial performance,” GM CFO Paul Jacobson told media during a call to discuss the results.

GM’s 2023 earnings included several special charges, including $1.1 billion in North American strike costs and $792 million charge for new commercial agreements between GM and LG Electronics and LG Energy Solution.

Shares of GM are down less than 2% this year after rising about 7% last year, lifted by an accelerated $10 billion share repurchase program that was announced in late November.

GM’s North American adjusted earnings were off 45% during the fourth quarter from a year earlier to $2.01 billion. Its international operations declined by 1.1% to $269 million.

China – GM’s second-largest market – continued to struggle, with a 34% decline in equity income for the year to $446 million, including a 54% drop during the fourth quarter.

Jacobson said GM expects its China operations this year to be roughly flat from last, including an anticipated loss in the first quarter.

“The team is doing a good job of managing through a challenging situation but we’re going to have a tough first quarter,” he said.

For the year, GM’s North American operations were off 5.3% to $12.31 billion, while international operations were up 5.9% to $1.21 billion.

GM expects to spend roughly $1 billion less this year on its majority-owned autonomous vehicle subsidiary Cruise. In 2023 it spent $2.7 billion on the embattled business unit, excluding special items such as severance packages for layoffs.

Cruise remains under several state and federal investigations following an Oct. 2 accident involving a pedestrian in San Francisco.

GM CEO Mary Barra, who chairs Cruise’s board, said officials have “already begun to implement significant changes” at Cruise following the findings of internal, third-party probes into the incident and operations.

Cruise and GM last week released findings of internal investigations that outlined cultural issues, regulatory ineptitude and poor leadership at the company, but found that officials did not intentionally deceive or mislead regulators.

The companies also disclosed Cruise remains under investigation by several entities, including the U.S. Department of Justice and the U.S. Securities and Exchange Commission.

“At Cruise, we are committed to earning back the trust of regulators and the public through our commitments and our actions,” Barra said in a letter to shareholders Tuesday.

Both Barra and Jacobson acknowledged that the adoption of electric vehicles in the U.S. has been slower than originally expected but said the company remains committed to expanding its EV lineup and sales in 2024.

“Consensus is growing that the U.S. economy, the job market and auto sales will continue to be resilient, and at GM, we expect healthy industry sales of about 16 million units with the mix of EVs continuing to grow,” Barra said.

The automaker last year pulled its near-term sales guidance for EVs but maintained plans to add 1 million units worth of EV production capacity in North America and achieve a mid-single-digit EBIT EV margin, both by 2025.

GM’s EV sales totaled 75,883 units, or 2.9% of the company’s overall sales, last year. A vast majority of those were sales of its now discontinued Chevrolet Bolt models.

The company has experienced problems in ramping up production of its newer “Ultium” EVs, including a major issue with battery module assembly.

GM has said it plans to keep its North American plants “flexible” to produce EVs and traditional vehicles with internal combustion engines, based on consumer demand.

This is breaking news. Please check back for additional updates.

— CNBC’s Michael Bloom contributed to this report.

LVMH shares jumped more than 12% on Friday morning, after the world’s largest luxury group posted higher-than-expected sales for 2023 and raised its annual dividend.

The owner of Louis Vuitton, Moët & Chandon and Hennessy, as well as brands including Givenchy, Bulgari and Sephora, on Thursday night reported sales amounting to 86.15 billion euros ($93.34 billion) for 2023, exceeding consensus forecasts and equating to 13% organic growth from the previous year.

Organic revenue was up 10% in the fourth quarter.

The result was boosted in particular by 14% annual growth in the critical fashion and leather goods sector, along with 11% growth in perfumes and cosmetics. Wines and spirits meanwhile posted a 4% decline.

“Our performance in 2023 illustrates the exceptional appeal of our Maisons and their ability to spark desire, despite a year affected by economic and geopolitical challenges,” Bernard Arnault, chairman and CEO of LVMH, said in a statement.

“While remaining vigilant in the current context, we enter 2024 with confidence, backed by our highly desirable brands and our agile teams.”

After a boom during the pandemic, the luxury sector endured a rough end to 2023 as challenging geopolitical and macroeconomic conditions weighed on consumer spending, particularly in the U.S. and China.

LVMH in April 2023 became the first European company to surpass $500 billion in market value, but a share price decline over the last six months allowed it to be eclipsed as Europe’s largest company by Danish pharmaceutical giant Novo Nordisk.

British luxury brand Burberry earlier this month issued a profit warning in response to slowing demand, as the balloon in high-end spending that peaked during the pandemic loses air. At the time, the news sent Burberry shares plunging and dragged down the wider sector.

Yet luxury stocks broadly advanced on Thursday as investors took heart from LVMH’s reassuring results. Burberry’s own shares were up 1.7% Friday morning.

Javier Gonzalez Lastra, portfolio manager of the Tema Luxury ETF, told CNBC on Thursday that investors are trying to gauge where the bottom of the earnings cycle revision is for the luxury sector. He predicted that earnings are “likely to get tougher” through the first half of 2024 because of last year’s unusually high annual comparisons.

Arnault, however, is pinning some hope on LVMH’s partnership with the Paris 2024 Olympics, which he said “provides a new opportunity to reinforce our global leadership position in luxury goods and promote France’s reputation for excellence around the world.

The Federal Aviation Administration on Saturday ordered a temporary grounding of dozens of Boeing 737 Max 9 aircraft for inspections, a day after a piece of the aircraft blew out in the middle of an Alaska Airlines flight.

Images and video of Alaska Airlines Flight 1282 that were shared on social media showed a gaping hole on the side of the plane and passengers using oxygen masks before it returned to Portland shortly after taking off for Ontario, California, on Friday afternoon.

The FAA’s emergency airworthiness directive will affect about 171 planes worldwide and applies to U.S. airlines and carriers operating in U.S. territory, the agency said. Alaska and United Airlines said late Saturday that they were grounding their entire fleets of Boeing 737 Max 9s.

No serious injuries were reported on the flight, according to federal safety officials. There were 171 passengers and six crewmembers on board, Alaska Air said.

“Safety will continue to drive our decision-making as we assist the NTSB’s investigation into Alaska Airlines Flight 1282,” FAA Administrator Mike Whitaker said in a statement.

Large-scale groundings of aircraft by the FAA or other aviation authorities are rare. The FAA has heavily scrutinized the Boeing 737 Max since two fatal crashes grounded the jetliner worldwide almost five years ago. Two other models of the Max, the smallest and largest version, have not yet been cleared by the agency to enter commercial service.

The section of the fuselage missing appeared to correspond to an exit not used by Alaska Airlines, or other carriers that don’t have high-density seating configurations, and was plugged.

The National Transportation Safety Board has started its investigation. Chair Jennifer Homendy, at a press briefing in Portland Saturday night, asked the public for help in finding the plane’s missing door.

Homendy said no passengers were seated at the seat closest to the panel or the middle seat in the row where the door blew out and added that it was fortunate that the plane was still climbing and not at cruising altitude when travelers and crew could have been standing or walking through the cabin.

“We could have ended up with something more tragic,” she said.

The incident was described as “an explosive decompression at the window exit,” according to Sara Nelson, president of the Association of Flight Attendants-CWA, the labor union that represents Alaska’s cabin crew and flight attendants at United, Spirit and other carriers.

Anthony Brickhouse, a professor of aerospace safety at Embry-Riddle Aeronautical University, said such an incident is extremely rare.

“Rapid decompression is a serious matter,” he said. “To see a gaping hole in an aircraft is not something we typically see. In aviation safety, we would call this a structural failure.”

The incident is also a reminder to keep your seatbelt fastened when seated, he added.

“I always advise people on a commercial aircraft, keep your seatbelt on regardless of what the light says,” Brickhouse said.

Before the FAA issued its directive, Alaska Airlines earlier said it would ground its fleet of Boeing 737 Max 9 planes. On Saturday, the carrier said 18 of the planes “had in-depth and thorough plug door inspections performed as part of a recent heavy maintenance visit,” but later said it would temporarily ground them all.

“We are in touch with the FAA to determine what, if any, further work is required before these aircraft are returned to service,” Alaska said.

As of 7 p.m. ET, Alaska said it canceled 160 flights, affecting 23,000 customers.

The National Transportation Safety Board sent a team to Portland on Saturday to investigate the incident.

United Airlines, the largest operator of the planes in the U.S., had prepared to ground dozens of its Boeing 737 Max 9 aircraft for inspections, CNBC reported earlier. The carrier said late Saturday that it had grounded its entire fleet of 79 Boeing 737 Max 9 aircraft, after earlier saying 30 of the planes had already satisfied the FAA’s inspection requirement.

The FAA said the inspections will take between four and eight hours per plane.

The Boeing 737 Max 9 is a larger version of Boeing’s best-selling jetliner, the 737 Max 8. Max planes were grounded worldwide in 2019 after two fatal crashes within about five months of one another. The U.S. lifted its flight ban on the jets in late 2020 after software and training updates.

The Boeing 737 Max 9 has an emergency exit door cut behind the wings for use in dense seating cabin configurations, like those used by budget airlines, according to Flightradar24.

“The doors are not activated on Alaska Airlines aircraft and are permanently ‘plugged,'” Flightradar24 said.

Boeing didn’t comment beyond its statement when asked about the sealed emergency exit door. Spirit AeroSystems, which makes the fuselages for the planes, referred CNBC to Boeing when asked about the incident.

“Safety is our top priority and we deeply regret the impact this event has had on our customers and their passengers,” Boeing said in a statement on Saturday. “We agree with and fully support the FAA’s decision to require immediate inspections of 737-9 airplanes with the same configuration as the affected airplane.”

The company said it is supporting the NTSB’s investigation.

There are 215 Boeing 737 Max 9 planes in service worldwide, according to aviation-data firm Cirium. In addition to United and Alaska Air, other operators include Aeromexico, Turkish Airlines, Icelandair and Panama’s Copa Airlines.

Southwest Airlines and American Airlines operate the smaller 737 Max 8.

Late last year, Boeing urged airlines to inspect aircraft for a “possible” loose bolt in the rudder control system, the latest in a series of manufacturing flaws on Boeing jets that have prompted additional inspections, and slowed deliveries of the jets.

PGA Tour and LIV Golf are working to extend their proposed merger deadline, which was originally set at Dec. 31, Commissioner Jay Monahan told players in a memo on Sunday.

“While we had initially set a deadline of December 31, 2023, to reach an agreement, we are working to extend our negotiations into next year based on the progress we have made to date,” according to the memo obtained by CNBC.

Monahan told players their goal for 2024 is to reach agreements with Strategic Sports Group (SSG), the Public Investment Fund (PIF) and DP World Tour, bringing them on board as minority co-investors in PGA Tour Enterprises.

The PGA Tour recently announced that it was in the final round of negotiations with a coalition of U.S. investors, called Strategic Sports Group. The SSG is led by Fenway Sports Group. Monahan said they have made “meaningful progress” and have provided SSG with the due diligence information they requested.

“These partnerships will allow us to unify, innovate and invest in the game for the benefit of players, fans and sponsors,” he said.

The competing golf leagues are expected to make a formal decision on the combination ahead of the Masters tournament in April, according to The Telegraph, which first reported the extension.

The delay is the latest update in a long and tumultuous saga between the PGA Tour and Saudi Public Investment Fund-backed LIV Golf that has divided players and could dramatically change professional golf if the merger is completed.

The two entities agreed in June to combine commercial operations, shocking the global golf community and raising questions around competition and human rights considerations. Under the structure of the agreement, PGA Tour would hold a permanent controlling interest in the new entity’s board of directors and PIF would be a noncontrolling minority investor.

If the proposed merger is completed, PIF is prepared to invest $1 billion into the new commercial business. The agreement also includes the DP World Tour, also known as the PGA European Tour.

The deal is subject to likely antitrust scrutiny from the U.S. Federal Trade Commission and Justice Department.

Before the agreement, PGA Tour and LIV were locked in heated litigation as LIV Golf lured Tour players away, offering big contracts. LIV Golf most recently signed world No. 3 player Jon Rahm to a contract worth a reported $300 million.

Last month, the Tour told players it would begin offering direct equity ownership in the new company after it reaches a deal with investors.

In late November, PGA Tour Commissioner Jay Monahan told Andrew Ross Sorkin at the DealBook Summit that he was meeting with Yasir Al-Rumayyan, chairman of LIV Golf and PIF governor, to continue discussions.

“When this gets finalized, the PGA Tour is going to be in a position where the athletes are owners in their sport and you’ve got not only the PIF, but you’ve likely got another co-investor with significant experience in business, in sport and [in] brand that’s going to help take the PGA Tour to another level,” Monahan said at the time.

Correction: The story has been updated to accurately reflect the name of Jay Monahan, which was misspelled due to an editing error.