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Changing Drivers

机译：更换司机

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Embraer is betting that mainline carriers will change old patterns of behavior and will focus on return on capital rather than market share. Not surprisingly, the Brazilian aircraft manufacturer sees itself as the primary beneficiary should that change truly occur. "We have seen a lot of transformation in the market," says Rodrigo Souza, vice president of marketing for Embraer Commercial Aircraft. "Airlines are changing focus from unit costs and market share to return on capital," he believes. Why? Embraer observes what it describes as a "vicious circle": Airlines attempt to lower unit costs by operating larger aircraft, flooding the market with additional capacity that has to be sold at lower fares, which in turn leads to the need to lower unit costs. Souza argues that a large percentage of narrowbody operations are suboptimal from what he describes as a "unit profit" point of view, because the additional capacity has to be filled through low fares, lowering average yields and profits.
机译：巴西航空工业公司（Embraer）押注，干线航空公司将改变旧的行为方式，并将专注于资本回报率而不是市场份额。毫不奇怪，如果这种改变真正发生，巴西飞机制造商将自己视为主要受益者。巴西航空工业公司商用飞机市场部副总裁罗德里戈·索扎（Rodrigo Souza）说：“我们已经看到市场发生了许多转变。”他认为：“航空公司正在将重点从单位成本和市场份额转移到资本回报率。”为什么？巴西航空工业公司观察到它所描述的“恶性循环”：航空公司试图通过运营更大的飞机来降低单位成本，以必须以较低票价出售的额外容量充斥市场，从而导致需要降低单位成本。 Souza认为，从他所说的“单位利润”的角度来看，很大一部分窄体业务不是最理想的，因为必须通过降低票价，降低平均收益和利润来填补额外的运力。

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