"With our decision to re-engine the plane, we will keep the A330 flying high for many more years to come," said Bregier in a statement.
The European planemaker added that development costs for the A330 neo would be be incurred from 2015 to 2017, with an impact of around -70 basis points on Airbus Group's 2015 return on sales target.
In orders for the first half of this year, Boeing has taken 499 against Airbus's 290. Bregier predicted up to 100 orders for the A330neo during the airshow.
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"It's great news for us...we have a great product," he said.
McNerney went on to dismiss fears of a bubble in the aviation industry, pointing out that deferrals and cancellations of orders on aircraft were currently below historical averages.
He also said he was "optimistic" U.S. congress would not wind up the country's Export-Import Bank, which underwrites orders, as it could not only hit the group's orders but also hurt the 6,000 small businesses Boeing supports.
"It is possible we would lose orders and we don't want to be put into a position of being disadvantaged. We think our technology is the main reason people buy our airplanes," McNerney added.
But he went on to warn that an end to the Export-Import Bank would put "a lot of pressure on us and a lot of pressure on other globally competitive teams in this country."