Airbus burned through $14 billion in first-half of 2020

Airbus will further cut down production of its A350 to stanch the cash burn it is experiencing right now.

I

The world's biggest planemaker will now aim to produce five A350 aircraft a month rather than the six it targeted in April. The company booked 900 million euros of COVID-19-related charges against earnings.

Airbus delivered 74 planes in the second quarter, when global fleets were largely grounded, less than one-third of the year-ago tally. With travel set to remain below last year's levels until 2024, the company nonetheless said it aimed to stanch cash outflows in the second-half of the year.

"The impact of the pandemic on our financials is now very visible," CEO Guillaume Faury said. "We have calibrated the business to face the new market environment on an industrial basis and the supply chain is now working in line with the new plan."