Mexico’s Volaris Mounts New Offensive as Rival Airlines Struggle
- Carrier raised $173 million in U.S. share offering this week
- CEO outlines plan to restore seat capacity, grab market share
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Mexico’s biggest airline plans to use proceeds from a $173 million stock sale to pounce on struggling rivals as it rebounds from an unprecedented travel collapse.
Volaris is restoring seating capacity this month to 100% of last year’s levels and targeting a return to profitability by the second quarter of 2021, said Chief Executive Officer Enrique Beltranena. The carrier has also identified a dozen or so Mexican destinations and almost twice as many abroad where it will invest in grabbing market share as demand returns and Covid-19 vaccines take hold.