On Wednesday, Boeing reported a record loss of nearly $12 billion for 2020 as it delayed its brand new 777X jet again and took a $6.5 billion charge in the fourth quarter on its latest airplane.

The reported loss is the largest in Boeing’s more than 100-year history. The giant’s problems started accumulating due to the two fatal 737 MAX crashes and the coronavirus pandemic. The profound decline in air travel and devastated sales resulted in delays in deliveries of the 777X aircraft. Boeing expects the 777X to enter service by the end of 2023, delaying the jet’s launch for the third time in a row and booking a $6.5 billion pre-tax charge. This wide-body jetliner is intended for long-haul flights, the demand for which is almost non-existent in the pandemic.

“2020 was a historically challenging year for our world, for our industry (and) for our business,” said CEO of Boeing Calhoun during the conference call on the company’s 2020 financial results.

“Despite solid progress on the vaccine front, the next six to nine months will remain very challenging for our airline customers and the entire industry,” Calhoun told industry analysts and reporters on the call. “COVID-19 case rates continue to be high, and travel restrictions remain in place, putting significant pressure on passenger traffic.”

On Wednesday, the European regulator lifted their ban on Boeing 737 MAX flights. The USA did this months ago, allowing Boeing to start delivering nearly 400 of its manufactured jets from its Seattle-area facility.