The efficiency of fuel cells suffers from the high activation polarisation at the cathode, where the oxygen reduction reaction takes place. In order to improve the performance, air electrodes composed of carbon nanotubes (CNTs) and the perovskite La0.6Sr0.4CoO3 are produced by two different methods and investigated. In the first method CNTs are directly grown on the perovskite and in the second method CNTs and perovskite are combined by ultrasonic mixing. Their catalytic activity towards oxygen reduction in alkaline solution is evaluated by polarisation curves and electrochemical impedance spectroscopy. Best performance shows the electrode composed of 25wt% CNTs, 55wt% La0.6Sr0.4CoO3 and 20wt% PTFE as binder, produced by ultrasonic mixing. The Nyquist plot of this electrode displays two potential-dependent semi-circles, accounting for processes on the catalyst surface and for processes depending on the morphology of the electrode.