Japan's MJ regional jet project to launch with JPY120bn funding.
AIRLINE INDUSTRY INFORMATION-(C)1997-2006 M2 COMMUNICATIONS LTD
Commercial production of Japan's first passenger jet is reportedly due to start in the business year from April 2012 with JPY120bn in funding, including up to 30% from government subsidies.
The project to build
The MJ will be made in 72- and 92-seat versions and is part of Japan's attempt to develop aircraft that are quieter and more fuel efficient.
Between 350 and 600 aircraft orders are required for the project to be profitable and Mitsubishi Heavy will contribute to a decision by March 2008 as to whether there are sufficient orders to proceed.
Mitsubishi Heavy said it plans to establish a special purpose company to finance the MJ project and intends to seek investment from the government and banks and trading houses in Japan in order to spread out the financial risk.
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