Mitsubishi To Halve Budget For Delay-Prone Passenger Jet Project - SpaceJet US Model Suspended
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May 11, 2020 - by www.japantimes.co.jp
Mitsubishi Heavy Industries Ltd. said on Monday it will halve the budget for its problematic passenger jet project to ¥60 billion 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 Chief Executive Officer Seiji Izumisawa told an online news conference.
MHI also said that development work for the 70-seat version of the SpaceJet, designed for the U.S. market, will be suspended...
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