Airbus to slow down services amid the coronavirus pandemic

On Tuesday, European aviation company, Airbus (AIR.PA) said that it would delay its $10 billion worth of services business amid the coronavirus pandemic. However, the company would continue its strategic support for airline operations.

“It is postponing the ambition a little in terms of timing, but the strategy is still relevant. We still think developing services makes sense. It is still a scale we can look for, but it is a question of timing and how this crisis will transform our industry. It’s too early to say, ” Airbus’s Executive Vice-President Programmes and Services Philippe Mhun said in an interview.

Airbus said that the company would increase services revenues to $10 billion in ten years compared with its $4 billion in 2019.

According to the airline, the global travel demand was severely affected by the coronavirus crisis while the company’s sales for aircraft spare parts and maintenance data-crunching services declined in 2020.