As Boeing struggles, Airbus inks massive deal with China

With Boeing struggling to recover from the 737 MAX crisis, its arch-rival Airbus inked a deal to deliver 300 passenger jets to Chinese airlines.

The deal was signed during Chinese President Xi Jinping's visit to France on Monday (local time). While the plane-maker has not released the total value of the deal, the planes are roughly worth USD 35 billion, according to CNN.

As per a statement by Airbus, 290 planes from the A320 family aircraft and 10 A350 XWB family aircraft will be delivered to Chinese airlines. The delivery date has not been announced yet. Following the announcement, Airbus shares gained more than 1.5 per cent on Tuesday.

China was the first country to ground the Boeing 737 MAX jets following the devastating Ethiopian Airlines crash which killed all 157 people on board. Scores of countries and airlines followed suit, citing safety concerns.

The A320neo directly competes with the Boeing 737 MAX jets, which still stand grounded following two fatal crashes involving the plane.

Meanwhile, investigations are ongoing into the Ethiopian Airlines crash, where a Boeing 737 MAX 8 jet crashed just a few minutes after take-off from Adis Ababa earlier this month.