Mitsubishi Heavy Industries said it was halving the annual development budget for Japan's first regional jet in half a century, the M90 SpaceJet, as the coronavirus pandemic squeezes profits.
) said it was halving the annual development budget for Japan’s first regional jet in half a century, the M90 SpaceJet, as the coronavirus pandemic squeezes profits.
Japan’s leading heavy machinery maker also said on Monday that it would review proposals to offer a shorter variant of the aircraft, the M100, in the lucrative U.S. market The SpaceJet budget this business year will be around half of the 141 billion yen it spent in the year that ended March 31, he said.
Mitsubishi Heavy, Japan’s leading aerospace company and partner to Boeing Co , posted an operating loss of 29.5 billion yen on Monday after racking up a 263 billion yen deficit from impairment losses and development costs at its regional jet unit, triple the previous year.
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