PARIS, April 27 — European planemaker Airbus has issued a grim assessment of the impact of the coronavirus crisis, telling the company’s 135,000 staff to brace for potentially deeper job cuts and warning its survival is at stake without immediate action. In a letter to staff, Chief Executive...
Airbus has begun implementing government-assisted furlough schemes starting with 3,000 workers in France — Reuters pic
In a letter to staff, Chief Executive Guillaume Faury said Airbus was “bleeding cash at an unprecedented speed” and that a recent drop of a third or more in production rates did not reflect the worst-case scenario and would be kept under review.The letter was sent to employees late on Friday, days before the company is due to give first-quarter results overshadowed by a pandemic that has left airlines struggling to survive and virtually halted jet deliveries since lockdowns in mid-March.
“In other words, in just a couple of weeks we have lost roughly one-third of our business,” Faury wrote in the letter, which was earlier reported by Bloomberg News. “And, frankly, that’s not even the worst-case scenario we could face”.
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