Output of Airbus jets will stay low for two years.
Chief executive Guillaume Faury says production will be 40% less than pre-crisis levels.
In comments to Germany’s Die Welt newspaper he says it will be 2025 before factories are back at full output.
Until now production had been down by around a third.
Now Airbus staff wait to see what it all means for them.
The production cuts are expected to be the basis for restructuring.
Industry sources reckon up to 20,000 jobs could go.
Union officials say there could be news on that on Wednesday (July 1).
The company has called an emergency session that day, which will mark the end of two days of talks with labour representatives.
Faury has not spelled out any details of the restructuring plan.
But he left no doubt that temporary furloughs would not be enough.
He says securing the firm’s future means adjusting to the ‘massive’ drop in production.
Arch-rival Boeing said in May it would cut more than 12,000 jobs in the U.S.
It too faces a slump in orders and output.