(Bloomberg) -- Dassault Aviation SA fell the most since May 2022 after private jet orders dried up last year and deliveries missed the planemaker’s target.

The French planemaker sold a total of 23 Falcon business jets last year, almost two-thirds lower than the 64 in 2022, it said in a statement Friday. Deliveries in 2023 dropped to 26 business jets, missing its target of 35. 

Shares fell as much as 10% on Monday in Paris, and were down 5% to €180.3 at 11:14 a.m. 

The use of private jets skyrocketed during the Covid pandemic as wealthy people looked to limit exposure to public spaces and airlines curtailed services on many routes. Demand slowed in 2023 amid economic uncertainty and carriers restored schedules to 2019 levels.

“The year-end bounce that we had expected did not materialize, as supply-chain issues continued to curtail Falcon output,” Christophe Menard, a senior analyst at Deutsche Bank said in a note to clients. He described the 65% drop in Falcon orders as “more concerning.”

Dassault also builds the Rafale fighter jet and received 60 orders last year, compared with 92 in 2022. It delivered 13 Rafales in 2023, compared with 14 in 2022. 

The planemaker has 84 Falcon business jets and 211 Rafales in its backlog. 

©2024 Bloomberg L.P.