The world’s largest commercial airplane maker, Airbus, and its American arch-rival, Boeing, are battling neck and neck for dominance of the skies. Production delays at Airbus over the past two years have meant the European manufacturer’s dominance has slipped, but with an air show in Paris this week, it appears Airbus may soon be flying high again.

Airbus is using the Paris Air Show to wine and dine potential buyers and boost confidence in investors by announcing an assortment of confirmed and tentative deals. Plane-makers typically use these air shows to make their big announcements. On the first day, Airbus said it had obtained orders totaling $45.7 billion; the following day, it said it expected another 600 firm orders this year. In the first three days of the show, Airbus tallied 548 orders—or $75.7 billion worth.

Rivalry between Airbus and Boeing is nothing new. Airbus held the edge from 2001 until losing it to Boeing in 2006. Up until the beginning of the air show this week, Boeing and Airbus had booked roughly the same number of orders this year: just over 400 apiece.

Boeing owed its comeback to its 787 Dreamliner. The lighter weight 787 is designed to fly longer, using less fuel. It broke all sales records as the fastest selling new airplane ever, booking more than 600 orders in three years, and is now sold out for years to come.

The heavily subsidized Airbus, on the other hand, blames its difficulties on the introduction of its jumbo jet A380, a 555-passenger monster that has experienced production delays. After suffering a financial loss last year, Airbus expects to do so again this year. Just days before the Paris Air Show, Airbus appealed for more state funding, with Airbus co-Chief Executive Louis Gallois saying the company was in “the worst state it has ever been.”

However, things are turning around for Airbus, as its plane orders this week indicate.

Airbus followed Boeing’s 787 move by launching its A350-XWB as a direct competitor. After disappointing sales last year, Airbus attracted 127 firm orders in just one day at the Paris Air Show. A booming demand for passenger jets means Airbus is expecting new orders to continue to roll in.

Following a restructuring program and a raft of new orders, things are looking up for Airbus. Analysts also believe the newly elected French President Nicolas Sarkozy can break the political stalemate with Germany that is crippling eads, the parent company of Airbus.

“I can tell you with full confidence that Airbus is back,” Gallois said.