Even though Boeing is in trouble, this is no time for the European planemaker to rest on its laurels
sums up the quaint absurdity of Airbus’s origins than the Beluga. The cargo jet, which resembles a winged whale, carries aerofoils, tails and bits of fuselage from production sites across Europe to be turned into aeroplanes in Toulouse and Hamburg. In a normal company, it would be redundant. Like the Beluga, Airbus is far from normal. Started in 1967 as a jumble of aerospace firms from Germany, France, Britain and, later, Spain, it needs the ungainly plane to make it function smoothly.
From an operational point of view, Mr Faury takes over at an ideal time. Like everyone at Airbus, he will lament the crashes of Boeing’s 737 MAX aircraft in Ethiopia and Indonesia, which killed 346 people. Undeniably, though, the longer that plane is grounded, the stronger the outlook for Airbus’s own highly successful narrow-body, the A320neo. Airbus may already be reaping the benefits: a bumper deal for 290 A320s from China last month was a further kick in the teeth for Boeing.
As operating margins at both firms have crept up recently, however, both have reduced the share of sales they spend on research and development of commercial aircraft. This is partly because the experience of building complex and costly new planes, such as Boeing’s 787 Dreamliner and Airbus’s A380, has been chastening. Such “moonshots” have gone out of fashion. Excessive re-engineering also played a part.
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