The megaproject was announced at the 1990 Farnborough Airshow, with the stated goal of 15% lower operating costs than the 747-400. :16–17 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. :17–18 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. :31 In June 1994, Airbus announced its plan to develop its own very large airliner, designated as A3XX. Airbus considered several designs, including an unusual side-by-side combination of two fuselages from its A340, the largest Airbus jet at the time. :19 The A3XX was pitted against the VLCT study and Boeing's own New Large Aircraft successor to the 747.