The megaproject was announced at the 1990 Farnborough Airshow, with the stated goal of 15% lower operating costs than the 747-400. Airbus organised four teams of designers, one from each of its partners (Aérospatiale, British Aerospace, Deutsche Aerospace AG, CASA) to propose new technologies for its future aircraft designs. The designs were presented in 1992 and the most competitive designs were used. In January 1993, Boeing and several companies in the Airbus consortium started a joint feasibility study of a Very Large Commercial Transport (VLCT), aiming to form a partnership to share the limited market.