Airbus to cut production by 40% in two years due to the coronavirus pandemic

The European aviation Airbus (AIR.PA) announced on Monday that its airplane production and deliveries would be 40% lower for the next two years compared to its planned pre-crisis strategy. The CEO’s comments underscore the threat to jobs as it draws up rapid restructuring plans because of the global travel slump.

“It’s a brutal fact, but we must do it. It is about the necessary adjustment to the massive drop in production. It’s about securing our future and we cannot disconnect ourselves from developments,” Airbus’s Chief Executive Officer Guillaume Faury said in an interview with the Die Welt newspaper.

The aerospace company said that it is working hard to respond to its economic realities and production would return to normal in 2025.

Airbus has called an emergency session meeting last Wednesday and Thursday to talk about the speculated job cuts.