Airbus CEO: Still early for recovery scenario

Sunday, 26. April 2020 23:47

The Chief Executive Officer of the European multinational aerospace corporation Airbus, Guillaume Faury, said on Sunday that is still early to recognize possible recovery scenario.

In the letter he sent to employees, he said that the planemaker is "bleeding cash" and needs to cut costs immediately in order to adapt for a new shrunk aerospace industry. He wrote: "We're bleeding cash at an unprecedented speed, which may threaten the very existence of our company. We must now act urgently to reduce our cash-out, restore our financial balance, and, ultimately, to regain control of our destiny."

Earlier this month, the company stated it is mulling cutting down its production of A320-family jets in order to adapt to coronavirus-caused industrial and delivery problems.

Related Links: Airbus SE
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Breaking the News / TF