British Airways to receive £4.5B investment
During the World Travel Market in London, the CEO of British Airways Alex Cruz announced the upcoming £4.5 billion investment to add new planes, refurbish the existing ones, and to increase availability of low fares in attempt to keep up with the increasing market pressures.
“We want to be the airline of choice for everyone. Every customer matters – short-haul or long-haul, economy or premium. So we must have an offer that is attractive to everyone,” said Alex Cruz, CEO of British Airways in a press release.
According to Cruz, over the upcoming five years the airline would use the investment to add 72 new aircraft to its fleet, including four new types for the airline: the Airbus A350, the Boeing 787-10 and the new engine option variant of the Airbus A320 and 321.
It also plans to have new interiors for 128 aircraft in the existing fleet as well as to add customer-oriented improvements such as at-seat power in all cabins, upgraded catering for economy customers on long-haul, and roll-out of fast Wi-Fi in all cabins on short-haul and long-haul.
“We want to be the airline of choice for everyone. Every customer matters – short-haul or long-haul, economy or premium. So we must have an offer that is attractive to everyone,” Cruz said, stressing the desire to shape a “British Airways for everyone”. The airline would continue to offer more low fares, so it could take on all types of airline competitor. And it would keep extending its route network to destinations customers wanted.
According to its CEO, British Airways is facing “a combination of competitive forces more challenging than at any point in our history” with the growth of low-cost long haul airlines, the continuing expansion of low-cost short-haul, the premium offerings of the Gulf carriers and the financial revitalization of US transatlantic operators.
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