The chief executive of Airbus issued a stark assessment of the impact of the coronavirus pandemic on the aircraft manufacturer.
In a letter to workers, seen by news outlets, Guillaume Faury reportedly warned that the company was "bleeding money at an unprecedented rate".
This month, the company announced that it was cutting aircraft production by a third.
This is because the aviation industry is expected to shrink significantly after the Covid-19 outbreak.
Faury also told the 135,000 Airbus employees that they would prepare for potentially profound job cuts and warned that their survival was at risk without immediate action, according to the Reuters news agency.
A few days before Airbus delivered financial results for the first quarter of the year. These numbers will be overshadowed by the pandemic that has left global airlines struggling to survive and has almost completely stopped aircraft deliveries since the blockades began in March.
Greg Waldron, of the aviation industry news website Flight Global, highlighted the huge impact of coronavirus on Airbus and the industry as a whole, saying, "All the assumptions we had about the industry have been totally changed."
"Airbus' prospects have gone from very positive to very negative. There is simply no demand for new aircraft at the moment."
In response to the pandemic, Airbus had already started implementing government-assisted licensing schemes, starting with 3,000 workers in France and said it would reduce the production of its narrow-body jets to 40 a month.
Airbus has about 13,500 workers in the UK, with most gaining wings at its two main locations in Broughton, North Wales, and Filton, Bristol.
Despite the major blow that the coronavirus caused to Airbus, Waldron believes he will survive this crisis, but not without significant layoffs.
"Airbus is an industrial program of crucial importance for Europe, I think Europe will be committed to keeping Airbus up and running," he said.
"However, there will be a lot of pain. If they significantly reduce production rates, you will see a large number of layoffs. I would expect that in a few years, you will see an Airbus smaller and thinner than what we have now."
Airbus did not immediately respond to a request for comment from the BBC.