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 coronavirus pandemic.
The planemaker also said it hoped to avoid consuming cash in the second half of the year after a second-quarter outflow of 4.4 billion euros as deliveries tumbled because of the collapse in air travel caused by the coronavirus.
“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 crisis has particularly affected demand for wide-body long-haul jets, which are expected to be the slowest to recover once demand returns to normal levels, which Airbus says could take until 2023 or 2025.
