It is also working to schedule a certification test flight with the FAA and providing information detailing how pilots interact with the plane's controls and displays in various flight scenarios.
But Boeing's announcement - which lifted shares of the embattled company - comes only a week before the US Federal Aviation Administration is set to brief its global peers among civil aviation regulators on its process for allowing the planes to fly again.
Boeing is providing additional information to the FAA in anticipation of a certification test flight, a key step in winning regulatory approval, the company said.
The company has said its fix will feed MCAS with data from two, rather than just one, sensor, making the plane less susceptible to a crash because of bad data.
Boeing has implied that the Lion Air and Ethiopian Airlines pilots did not react properly to the plane's automatic downward pitch of the nose - failing to disconnect MCAS in the first case and flying too fast to control the plane in the second. Between the two crashes, 346 people died. "[.] The accidents have only intensified our commitment to our values, including safety, quality and integrity", said Muilenburg.
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In that same period, the domestic market share of American-owned manufacturers fell to just 22 percent from 67 percent, he said. Because of rising imports of autos and parts over the past 30 years, the market share of USA -owned automakers has fallen.
An aerial photo shows Boeing 737 MAX airplanes parked on the tarmac at the Boeing Factory in Renton, Washington, U.S. March 21, 2019.
Boeing's announcement about the software update followed the grilling of FAA acting administrator Dan Elwell by the US House Transportation Committee on Wednesday. This will mean that the road to getting the Boeing 737 MAX recertification will be a long one.
The extent of additional pilot training is emerging as a key issue.
Meanwhile, multiple investigations, including the initial crash investigation, are ongoing. On May 23, the FAA is due to convene a meeting in Texas to review the preparations for a return to service, and Boeing indicated that similar conferences would be conducted in other locales. "I am not happy with a 13-month gap between finding that anomaly and us finding out about it", Elwell said. "The reason why they submitted it to us is so we can stick it in the simulator so we could test it, so we can also look at their system safety analysis and see whether it will appropriately address it".
Jason Goldberg, spokesman for the Allied Pilots Association, said it will take about a week to prepare American Airline Group Inc's MAX fleet to fly, not counting the extra training. When both Boeing and the FAA refused to ground the aircraft, the world's airlines and aviation authorities took things into their own hands.