Aerospace company, Airbus is assuming a 40% drop in production over the next two years due to the coronavirus crisis. Chief Executive Officer, Guillaume Faury was quoted as saying, “For the next two years – 2020/21 – we assume that production and deliveries will be 40% lower than originally planned.”
Airbus has so far said it could cut output by a third on average. The company recorded a loss of $522 million in the first quarter of 2020. On June 3, however, Reuters reported it was looking to hold underlying jet output at 40% below pre-pandemic plans for two years, adding pressure to cut thousands of jobs. Up to 15,000 of about 90,000 jobs are expected to be axed due to the pandemic.