The Boeing 737 Max model could likely be grounded by the end of the year, CNBC reports.

The background is the discovery of a new error with a control chip that causes the aircraft's elevators to force the aircraft down uncontrollably.

Boeing engineers have been working to fix the safety system that caused two fatal crashes. A software update and a fix for the latest problem are expected to be submitted to the US Federal Aviation Administration in September, a Boeing employee told CNBC.

The business channel estimates that it will take at least two months for the aircraft to resume flights. This is because the FAA must review the changes, pilots need to undergo additional training and airlines need time to complete the necessary maintenance work, it said.

Source:Finwire