Last month, we announced we had flattened our aircraft production forecast for the A320neo and A350 families due to tepid Q1 deliveries. Obligingly, Airbus announced last week that they are lowering their 2024 delivery target to ~770 aircraft, down some 30 aircraft from ~800 previously communicated. Even with these adjustments, A320neo build rates will need to rise significantly in 2025 and 2026 in order to meet Airbus’ 75 aircraft per month production rate goal.