The SpaceJet (formerly MRJ) regional jet program is still causing damage to the Mitsubishi Heavy Industries (MHI) group. Ended in February 2023, the project intended to launch next generation aircraft on the market that would compete mainly with Embraer’s E-Jet family.
However, delays in the development program, unforeseen circumstances and rising costs motivated MHI to abandon the project.
Even after the end of the SpaceJet, Mitsubishi is still dealing with the problems caused by Mitsubishi Aircraft, a subsidiary created to manage the line of commercial aircraft.
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In April last year, Mitsubishi Aircraft had its name changed to MSJ Asset Management Co. Ltd, and a process of managing the debt accumulated during the years of development began.
According to Aviation Wire, MSJ had debts of 641.3 billion yen as of March 31, 2024. It is the equivalent of US$3.98 billion, or two-thirds of the total spent on the project (1 trillion yen).
Among the investors is the Japanese government itself, but it is not clear how Mitsubishi will pay off its commitments. The company only said that the situation is being ‘processed’, according to a petition.
The SpaceJet should give rise to at least two aircraft, the M90, with 88 seats, and the M100, with up to 84 seats, but which could meet the scope clause that limits the operation of regional jets in the United States.
Mitsubishi had at least 200 orders and purchase commitments before ending the program.