Airbus cuts aircraft production by a third

Airbus is cutting aircraft production by a third in a move ex­­pected to trigger a wave of job losses across the global aerospace supply chain as airline customers fight to survive the impact of a virtual halt to international air travel. The European aerospace group has confirmed it will slash production of its popular A320 single-aisle jet from 60 to 40 a month. It will also cut production of the A350 midsized twin-aisle fro­­m about 10 a month to six, and produce only two a month of the A330 family of widebody aircraft against previous expectations of a total of 40 a year. Investors watch production rates closely as a guide to future profits and cash flow. Guillaume Faury, CE, said the group had cut production to reflect the reality of demand and measures, such as deferring investment, would be taken to preserve cash. “We are ramping down and protecting the balance sheet of the company,” he said. <br/>