Mitsubishi Heavy to halve budget for delay-prone passenger jet project
Mitsubishi Heavy Industries said on Monday it will halve the budget for its problematic passenger jet project to Y60b for the year ending next March. The decision on the midsize SpaceJet comes as the company's bottom line takes a beating from the coronavirus pandemic. "We will proceed with the project at an appropriate scale while taking into account the difficult circumstances the group faces," Mitsubishi Heavy President and CEO Seiji Izumisawa said. MHI also said that development work for the 70-seat version of the SpaceJet, designed for the US market, will be suspended until further notice. Plans for the 70-seater will be reconsidered during the suspension, Izumisawa said. The most recent timeline for delivery was set around calendar 2023.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-05-12/general/mitsubishi-heavy-to-halve-budget-for-delay-prone-passenger-jet-project
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Mitsubishi Heavy to halve budget for delay-prone passenger jet project
Mitsubishi Heavy Industries said on Monday it will halve the budget for its problematic passenger jet project to Y60b for the year ending next March. The decision on the midsize SpaceJet comes as the company's bottom line takes a beating from the coronavirus pandemic. "We will proceed with the project at an appropriate scale while taking into account the difficult circumstances the group faces," Mitsubishi Heavy President and CEO Seiji Izumisawa said. MHI also said that development work for the 70-seat version of the SpaceJet, designed for the US market, will be suspended until further notice. Plans for the 70-seater will be reconsidered during the suspension, Izumisawa said. The most recent timeline for delivery was set around calendar 2023.<br/>
