Airbus(US:EADSY) 3 6 Ke·2025-09-03 09:57Core Viewpoint - The Airbus A380, the world's largest commercial airliner, is experiencing a revival as global travel rebounds, but maintaining its safety and operational efficiency is becoming increasingly costly for airlines [1]. Group 1: Maintenance Challenges - The A380 has been in service for over 20 years, leading to increased maintenance, inspection, and parts replacement requirements, with the European Union Aviation Safety Agency (EASA) issuing 95 airworthiness directives since January 2020, highlighting serious issues such as escape slide leaks and landing gear axle fractures [2]. - The complexity of the A380, with over 4 million parts produced by 1,500 companies, poses significant maintenance challenges, especially in the post-pandemic era where supply chains are fragile [2]. - Lufthansa Technik estimates that a complete overhaul of an A380 requires approximately 60,000 man-hours, making maintenance time-consuming and costly [2]. Group 2: Operational Impact - The A380 can carry over 485 passengers, and mechanical failures can lead to significant delays and costs, creating a ripple effect in flight scheduling [4]. - Recent incidents, such as a Qantas A380 experiencing a fuel pump failure leading to over 24 hours of delays, illustrate the operational risks associated with the aircraft [5]. - Despite reliability issues, Airbus claims that the global A380 fleet maintained a flight reliability rate of 99% over the past year [5]. Group 3: Strategic Shifts in Airlines - Several airlines are beginning to phase out the A380 due to rising operational costs and limited route flexibility, with China Southern Airlines retiring its A380 fleet in 2023 [8]. - Thai Airways has officially ended A380 operations, opting for smaller, more efficient aircraft [9]. - Lufthansa plans to retire its A380s by 2030 due to cost inefficiencies, while British Airways is considering a gradual phase-out by the end of the century [10][11]. - Emirates, the largest operator of the A380, faces pressure to upgrade engines to maintain operational viability [11]. Group 4: Market Dynamics - The operational costs of the A380 range from $25,000 to $35,000 per hour, increasing expenses for long-haul routes and making low-load factor routes unprofitable [11]. - The global fleet is shifting from four-engine giants to more efficient twin-engine models, leading to a fundamental change in the aviation economic landscape [11]. - The second-hand market for A380s is sluggish, with many retired aircraft being dismantled, resulting in a significant depreciation of economic value [12].