Europe's Airbus announced a new cut in production of its marquee A350 jet on Thursday as it swung to a larger-than-expected second-quarter loss in the face of the global pandemic.
) announced a new cut in production of its marquee A350 jet on Thursday as it swung to a larger-than-expected second-quarter loss in the face of the global pandemic.
“We believe it is going to be a long and slow recovery,” Chief Executive Guillaume Faury told reporters, adding that travel was picking up but more slowly than previously expected. The move came a day after U.S. rival Boeing announced further cuts in output of 787 and 777 jets, which compete with the A350 on depressed long-haul networks.
Like many companies wrestling with the economic impact of lockdowns, Airbus suspended formal forecasts earlier this year.
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