Airbus cuts production after larger-than-expected second-quarter losses

In a recent move, Airbus, the European plane maker, has once again cut down the production of its A350 long-range jet. The move comes after the company reported a larger-than-expected loss in second-quarter. Cutting down the production of the A350, Airbus said that is it now down to just manufacturing five of the long-range jets each month.

As compared with the year before, with €1.9 billion ($2.2 billion) net losses in the first half of 2020, revenues at the aerospace giant fell down 55 per cent in the second quarter.

The company has been hardly hit by the effects of the ongoing COVID-19 pandemic, the effects of which are clearly visible in its financials in the second quarter, said CEO Guillaume Faury, adding further, “The situation remains difficult and uncertain … but we are prepared to navigate these challenging times in our industry.”

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