Chief executive Guillaume Faury told Airbus employees in a letter that the company is rapidly “bleeding cash”, which threatens the manufacturer’s existence.
The plane maker said on April 8 that it will slash production by a third, but Mr Faury told the workforce of 133,000 on Friday that the production cuts were not the worst-case scenario. Airbus has lost a third of its business in a matter of weeks, as the pandemic has hammered airlines’ revenue and made them reluctant to accept new jets.
“We’re bleeding cash at an unprecedented speed, which may threaten the very existence of our company,” Mr Faury wrote. “We must now act urgently to reduce our cash-out, restore our financial balance and, ultimately, to regain control of our destiny.”
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