Airbus Cuts Production as COVID-19 Impairs Customer Base
Airbus (OTC: EADSY) said Wednesday it was cutting commercial aircraft production to account for falling demand due to the COVID-19 coronavirus pandemic.
The European aerospace giant said it cut production of its A320 narrowbody by one-third, to 40 frames per month, while production of its larger jets would be cut by about 40%, to six A350s per month and two A330s.
Airbus and Boeing (NYSE: BA), along with the commercial aerospace supply chain, are trying to deal with a sudden decline in demand for new jets due to the pandemic. Airlines have seen travel demand evaporate overnight, and in response are grounding planes and cutting expenses.
Source Fool.com
