Here's the updated model. Notes: 2.094 net orders for 2023 and 735 deliveries - a banner year and industry record Note our model shows gross orders 2023 deliveries are 14% short of the previous high in 2019 of 856. We did not think either OEM would hit their targets, but both did. 2023 saw 1,297 A321neo orders compared to 526 A320neo orders. It seems fair to say the banner has been passed to the larger model. Upsizing is here to stay. The absence of a competing model from Boeing is a growing issue. The order volume is good for obvious reasons. But it is also bad because perhaps Airbus cannot deliver to this volume, and the claims of rate increases need to be proven. To Airbus credit, the supply chain will follow its marketing leading role. This should help move rates to the targets. Airbus is seeing growing widebody interest because its products are good and, crucially, are being delivered. Boeing may have the historical lead in the segment, but that may not be the same in the future. In the single-aisle segment, it's all about Airbus: the right airplane (A321neo) and no production and program hiccups other than the GTF. How would you bet if you were a lessor or airline (equal prices) and the choice was MAX or NEO? If you selected Airbus, you would be with the majority.