Aerospace industry facing its ‘gravest ever crisis’, says Airbus boss – This is Money

Aerospace industry facing its ‘gravest ever crisis’, says Airbus boss – This is Money

Plane manufacturer Airbus described the Covid-19 pandemic as the ‘gravest crisis the aerospace industry has ever known’ as its arch-rival Boeing axed 15,000 jobs.

On another bleak day for the sector, Airbus chief executive Guillaume Faury predicted it could take ‘three to five years’ for passengers to be as willing to fly as before the crisis.

His comments came as Boeing announced plans to cut around 10 per cent of its workforce.

Grim forecast: Airbus chief executive Guillaume Faury predicted it could take 'three to five years' for passengers to be as willing to fly as before the crisis

Grim forecast: Airbus chief executive Guillaume Faury predicted it could take ‘three to five years’ for passengers to be as willing to fly as before the crisis

This followed Tuesday’s warning by British Airways that it could axe 12,000 staff.

Faury said: ‘We are now in the midst of the gravest crisis the industry has ever known.’

Airbus slumped to a £418million loss in the first quarter as the collapse in air travel caused a slump in demand for planes.

It has suspended its dividend, cut production by a third and furloughed thousands of staff in key locations, including 3,200 at its wing factory in Broughton, North Wales.

This week Faury also warned the company was ‘bleeding cash at an unprecedented speed’ and told his 135,000 staff to brace themselves for big job cuts.

Yesterday, Dave Calhoun, his counterpart at US rival Boeing, said ‘demand for commercial airline
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