Airbus CEO sees production down 40% over the next two years

PARIS - Airbus is assuming a 40% drop in production over the next two years due to the coronavirus crisis, Chief Executive Guillaume Faury was quoted on Monday as saying.

"For the next two years - 2020/21 - we assume that production and deliveries will be 40% lower than originally planned," Faury told Die Welt newspaper.

Airbus has so far said it could cut output by a third on average. On June 3, however, Reuters reported it was looking to hold underlying jet output at 40% below pre-pandemic plans for two years, adding pressure to cut thousands of jobs.