A Boeing 737-800 passenger plane belonging to Garuda Indonesia lands at Hong Kong International Airport. Photo: Marcio Rodrigo Machado/S3studio/Getty Images

Indonesian airline Garuda is seeking to cancel the remainder of its $4.9 billion order for 48 more Boeing 737 MAX 8 jets, after at least 40 countries suspended the jets' operation due to 2 fatal crashes of the brand new aircraft in the last 6 months, the New York Times reports.

The big picture: Garuda's pullout is the latest blow to Boeing, as the loss of 2 brand new aircraft in 6 months has no precedent in modern aviation history and has threatened one of the company's main sources of revenue. Multiple investigations are now underway into how the 737 MAX was certified, including the Inspector General's office at the U.S. Transportation Department, the FBI, a federal grand jury and House and Senate committees.

In its most recent communication to airlines on Wednesday, the FAA said Boeing is working on a software fix that may address the cause of both crashes, but gave no timetable for its introduction and rollout.

Our thought bubble, per Axios' Andrew Freedman: It's not easy for an airline to cancel an aircraft order without paying penalties, and Garuda will have to negotiate with Boeing going forward. But this cancellation is noteworthy since the airline has a checkered safety history, having had multiple crashes in the past decade. So if they're bailing on the 737 MAX, it could encourage carriers with a better reputation to rethink their plans too.

Go deeper: Canada, Europe to conduct own reviews into Boeing 737 Max jets

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Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 11:30 p.m. ET: 20,014,574 — Total deaths: 734,755 — Total recoveries — 12,222,744Map.
  2. U.S.: Total confirmed cases as of 11:30 p.m. ET: 5,089,416 — Total deaths: 163,425 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. Politics: Trump claims he would have not called for Obama to resign over 160,000 virus deathsHouse will not hold votes until Sept. 14 unless stimulus deal is reached.
  4. Business: Richer Americans are more comfortable eating out.
  5. Public health: 5 states set single-day coronavirus case records last week — A dual coronavirus and flu threat is set to deliver a winter from hell.
  6. Sports: The cost of kids losing gym class — College football is on the brink.
  7. World: Europe's CDC recommends new restrictions amid "true resurgence in cases."