Paris (dpa) - The head of aeroplane manufacturer Airbus, Guillaume Faury, has prepared the workforce of the European aerospace and defence company for hard times ahead.
Expenditure and revenue were in such a serious imbalance and the money was draining away so fast that it could endanger the company's existence, Faury wrote in a letter to Airbus employees, excerpts of which became public on Monday.
The Toulouse-based company said it would not comment on internal communications.
The letter was sent to Airbus employees in several European countries late last week, reports said. Airbus is to present its quarterly figures on Wednesday.
Faury's remarks come as no surprise as the entire aviation industry has been hit hard by the coronavirus crisis.
Airbus had already announced a production cut by about one third in its passenger jets due to the pandemic as its airline clients suffer from the massive reduction in air travel.
Airbus has to cut costs quickly, Faury said, eyeing possible measures beyond short-time work schemes and forced leave already in place in some countries.
The company had lost a third of its business overnight, the Airbus chief executive said. Many airlines were fighting for survival. The company had to consider "all options." If no action was taken now, Airbus' survival could be in doubt, he added.
Airbus set new production rates, about 30 to 35 per cent below previous planning for the next two months, Faury wrote in his letter. But it remained to be seen whether the aviation industry was only suffering through a deep but short crisis or a prolonged one.
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