Airbus wins US$4.2b A350 order
Source: Agencies |
July 11, 2012, Wednesday
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Print Edition
Print Edition
AIRBUS yesterday won a potential US$4.2 billion order for its A350 passenger jet, its first major deal at a subdued Farnborough Airshow, where a faltering global economy is casting clouds as dark as the skies over south Britain.
The deal with Hong Kong airline Cathay Pacific is a major boost for the European plane maker, which has been struggling to sell its A350-1000 mini-jumbo and make a dent in Boeing's hold on a lucrative corner of the jet market, just below 400 seats.
Boeing also unveiled a deal to sell 100 of its next-generation narrowbody 737 planes to aircraft leasing firm GECAS, worth US$9.3 billion at list prices.
That is Boeing's second big deal for the revamped plane in as many days, bolstering its fightback against Airbus's A320neo in the top-selling short-haul segment of the market.
Both deals, however, were well flagged in advance of the show, where there have so far been no major surprises.
Boeing and Airbus, which battle for the bulk of a jet market estimated at US$100 billion a year, played down hopes ahead of the aerospace industry's showcase gathering, arguing their order books are already bulging.
Despite stuttering economies, they say demand remains strong as airlines modernize fleets to survive high fuel costs and the balance of growth shifts toward Asia, with Boeing raising its long-term industry forecasts last week.
However, some investors say the eurozone debt crisis and slowing economic growth in China could see orders delayed or canceled, and that some recent deals suggest Airbus and Boeing are descending into a price war.
The deal with Hong Kong airline Cathay Pacific is a major boost for the European plane maker, which has been struggling to sell its A350-1000 mini-jumbo and make a dent in Boeing's hold on a lucrative corner of the jet market, just below 400 seats.
Boeing also unveiled a deal to sell 100 of its next-generation narrowbody 737 planes to aircraft leasing firm GECAS, worth US$9.3 billion at list prices.
That is Boeing's second big deal for the revamped plane in as many days, bolstering its fightback against Airbus's A320neo in the top-selling short-haul segment of the market.
Both deals, however, were well flagged in advance of the show, where there have so far been no major surprises.
Boeing and Airbus, which battle for the bulk of a jet market estimated at US$100 billion a year, played down hopes ahead of the aerospace industry's showcase gathering, arguing their order books are already bulging.
Despite stuttering economies, they say demand remains strong as airlines modernize fleets to survive high fuel costs and the balance of growth shifts toward Asia, with Boeing raising its long-term industry forecasts last week.
However, some investors say the eurozone debt crisis and slowing economic growth in China could see orders delayed or canceled, and that some recent deals suggest Airbus and Boeing are descending into a price war.
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