Mitsubishi Heavy Industries (MHI) said it was more than halving the annual development budget for its SpaceJet regional jet as the coronavirus pandemic squeezes profit, and will suspend plans for a possible variant seen as key to winning future orders, particularly from U.S. airlines.
MHI on Monday reported a 29.3 billion yen operating loss for the year that ended March 31 after a 263 billion yen loss incurred from impairment charges and development costs at Mitsubishi Aircraft.
“Various studies on the M100 currently being conducted will be temporarily suspended,” an MHI spokeswoman said on Wednesday. “This immediately raised questions whether MHI may kill the M100 program. To do so will squander MHI’s once-in-a-lifetime chance to become a real global power in commercial aviation,” Scott Hamilton, an analyst at Leeham Co, said in a blog.
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