Canada markets close in 1 hour 15 minutes
  • S&P/TSX

    20,591.70
    -4.19 (-0.02%)
     
  • S&P 500

    4,340.33
    -9.60 (-0.22%)
     
  • DOW

    34,218.39
    +50.30 (+0.15%)
     
  • CAD/USD

    0.7852
    -0.0044 (-0.56%)
     
  • CRUDE OIL

    86.37
    -0.98 (-1.12%)
     
  • BTC-CAD

    45,913.82
    -2,879.76 (-5.90%)
     
  • CMC Crypto 200

    821.69
    +2.19 (+0.27%)
     
  • GOLD FUTURES

    1,793.50
    -36.20 (-1.98%)
     
  • RUSSELL 2000

    1,937.15
    -39.31 (-1.99%)
     
  • 10-Yr Bond

    1.7960
    -0.0520 (-2.81%)
     
  • NASDAQ

    13,423.28
    -118.84 (-0.88%)
     
  • VOLATILITY

    32.20
    +0.24 (+0.75%)
     
  • FTSE

    7,554.31
    +84.53 (+1.13%)
     
  • NIKKEI 225

    26,170.30
    -841.03 (-3.11%)
     
  • CAD/EUR

    0.7044
    +0.0024 (+0.34%)
     

Wizz Air puts order in for 100 new planes as part of aggressive expansion

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • WZZZY
  • EADSY
Wizz Air
Wizz Air

Wizz Air has ordered more than 100 planes from Airbus in a bid to conquer more ground in Europe’s budget travel market.

The Hungarian-based carrier purchased 102 Airbus A321 aircraft, the bulk of which will be delivered between 2025 and 2027, with the option to buy a further 94 planes by the end of the decade.

The move comes as Wizz, which focuses on central and eastern Europe, seeks to aggressively expand and win market share from rivals post-pandemic.

The A321neo costs around $100m (£74.5m) a piece according to list prices, meaning the order is worth around $20bn. However, airlines typically receive a large discount when bulk-buying. The deal still needs to be approved by Wizz’s shareholders.

Jozsef Varadi, chief executive, said: “Despite strong demand for the aircraft, we have signed very attractive terms with Airbus for the long-term supply of more aircraft until the end of the decade, catapulting Wizz Air towards our aim of being a 500 aircraft group and putting us in an unassailable position when it comes to sustainability."

Wizz has grown rapidly under Mr Varadi since its founding in 2003. In September, the carrier made an unsuccessful swoop on easyJet, in a sign of its ambition of being a big post-Covid winner.

The deal forms part of the airline’s plan to triple the number of aircraft it operates by 2030. By September next year it hopes to increase its fleet from 144 to 170 aircraft and hire about 1,700 new staff.

Earlier this month, Wizz said it plans to cut fares outside school holiday periods to woo back travellers and fill more seats on quieter flights over the winter and into spring as it competes for passengers with Ryanair.

Mr Varadi was handed a controversial bonus plan earlier this year which will see him bag £100m if he can double the London-listed carrier’s share price over the next five years.

Wizz continued to take delivery of new planes during the pandemic. In September, its traffic was only 7pc lower than the same month two years ago, according to analysis of fees charged by air traffic controllers.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting