Boeing's chief executive officer announced that the company has met the necessary requirements to increase production of its 737 Max aircraft to 47 jets per month.

The production increase represents a significant milestone for Boeing as it continues to ramp up manufacturing of the 737 Max following previous regulatory challenges and production constraints that affected the aircraft program.

Boeing had been working to satisfy various regulatory and operational requirements before being cleared to increase its monthly production rate. The 737 Max is one of Boeing's key commercial aircraft models and a critical component of the company's revenue stream.

The announcement comes as Boeing seeks to meet growing demand from airlines and work through its order backlog. Production levels for commercial aircraft are closely monitored by regulators and must meet specific safety and quality standards before increases are approved.