By Rajesh Kumar Singh

CHICAGO (Reuters) – Jet engine maker General Electric (NYSE 🙂 Co has agreed to the “near term” plans of Airbus (NYSE 🙂 and Boeing (NYSE 🙂 for production ramp-up, said its Chief Executive Larry Culp on Tuesday.

Culp did not comment on Airbus’ plan to expand beyond an immediate ramp up and nearly double the production of its most-sold A320 jets by 2020. The plan was criticized by aircraft leasing and engine manufacturers for the possibility of excessive production in a weak recovery period for the airline industry after the pandemic.

Culp stated that they would talk to them privately about the conversations, Reuters reported. Culp said that there is no reason to discuss the conversation in public at this point.

Airbus set a May target to increase A320-family production by 40 to 64 planes per month. It also stated that it would ask suppliers for a scenario of 70 planes per month in the first quarter 2024. According to Airbus, rates could be as high as 75 in 2025.

Sources in the industry say that suppliers have agreed support for the firm’s goal of 64 units per month, but they are yet to agree on the rate increase. They fear this will lead to a lackluster demand.

Raytheon Technologies (NYSE) Chief Executive Greg Hayes stated earlier that he doubted whether the market will support Airbus rates of 75 per month.

Raytheon (NYSE:) Technologies owns Pratt & Whitney which competes with GE-Safran venture CFM to supply jet engines for the best-selling Airbus A320 family.