Boeing (NYSE:BA) and Southwest Airlines (NYSE:LUV) on Wednesday announced the launch of a third addition to the 737 MAX family of airplanes, the 737 MAX 7.

Southwest became the first airline to order the 737 MAX 7 when it converted 30 existing orders for Next-Generation 737s into orders for the 737 MAX 7. Southwest plans to take its first 737 MAX 7 delivery in 2019.

According to Boeing, the 737 MAX 7 model incorporates the most up-to-date CFM International LEAP-1B engines, which improve efficiency, reliability, and passenger comfort. The new model also broadens the 737-700 range by an estimated 400 nautical miles, or 741 kilometers.

Executives from both Southwest and Boeing are enthusiastic about incorporating the new model and partnering with each other. Ray Conner, CEO and president of Boeing Commercial Airplanes, was quoted as saying: "Southwest has been a valued partner in the evolution of the 737 program. We have worked together to launch several models of the 737 including the 737 MAX family in 2011. We are excited to bring the 737 MAX 7 to market with Southwest."

Editor's note: A previous version of this article misidentified the industry Boeing is in and where it's based. The Fool regrets the error.

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Fool contributor Caroline Bennett has no position in any stocks mentioned. The Motley Fool recommends Southwest Airlines. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.