Southwest Airlines hopes to get its grounded Boeing 737 Max aircraft back in the air by the end of the year, CEO Gary Kelly said.
Kelly said roughly 400 of the company's 750 aircraft have been idled because of the pandemic. The company lost nearly $1 billion in April and cut its May schedule by 65%.
Southwest has cut $6 billion in expenses, Kelly said, including capital projects and aircraft deliveries. Southwest has not resorted to furloughs and layoffs of any of its roughly 60,000 employees. The airline accepted federal support of $3.2 billion under the federal CARES Act to preserve employee paychecks through Sept. 30.Kelly also noted that Southwest has a cash reserve of $13 billion, enough to carry the company for 20 months.
"Furloughs and layoffs would be the last thing we want to entertain," Kelly said."We’re going to do everything we possibly can to avoid them."
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