Britain's Prime Minister David Cameron, background, sits in the co-pilot seat as he is shown around an Airbus A350 during a visit to the 2014 Farnborough Airshow in Hampshire, England, Monday. (AP Photo/Andrew Matthews, Pool)

FARNBOROUGH, England (AP) -- Airbus has launched updated versions of its A330 wide-body aircraft in a bid to improve fuel efficiency, increase range and help the aircraft compete against Boeing's 787 Dreamliner.

Airbus told reporters Monday the new designs for the A330-800neo and the A330-900neo will reduce fuel consumption by 14% per seat and boost the model's range by 400 nautical miles.

Air Lease Corp. of Los Angeles on Monday agreed to buy 25 of the new A330-900s as well as 60 A320neos. No financial details were immediately disclosed.

The launch comes as Airbus struggles to find buyers for the larger A350 model.

Emirates recently cancelled an order for the A350, and opted for Boeing aircraft of a similar size.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.