{"id":121616,"date":"2022-02-05T18:30:00","date_gmt":"2022-02-05T18:30:00","guid":{"rendered":"https:\/?p=121616"},"modified":"2022-02-05T21:22:36","modified_gmt":"2022-02-05T21:22:36","slug":"airbus-quebec-investment-deal-for-a220-jet-program","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2022\/02\/airbus-quebec-investment-deal-for-a220-jet-program.html","title":{"rendered":"Airbus, Quebec reach $1.2 billion investment deal for A220 jet program."},"content":{"rendered":"\n

Europe’s Airbus and Quebec on Friday said they have agreed to a $1.2 billion investment deal that would allow the Canadian province to remain in the loss-making A220 jet program until the venture is likely to turn profitable.<\/p>\n\n\n\n

Airbus would invest $900 mln, while Quebec would put $300 million into the program, according to a statement from the province’s government.<\/p>\n\n\n\n

\u2192 Airbus launches air cargo service with its fleet of Beluga aircraft.<\/a><\/strong><\/em><\/p>\n\n\n\n

The investment would help the A220 program globally to support an increase in production, Benoit Schultz, chief executive of Airbus’ Canadian unit, told a press briefing. The A220 is built both at an Airbus plant in the Montreal area and at the Mobile facility in Alabama, Reuters<\/a> reported.<\/p>\n\n\n\n

The A220, previously known as the CSeries, is a 110- to 130-seater aircraft, a little smaller than Airbus\u2019s mainstay A320 jet. Reuters reported on the deal earlier, citing sources.<\/p>\n\n\n\n

The province has faced criticism for repeated investments in the program.<\/p>\n\n\n\n

Airbus Chief Executive Guillaume Faury said the program should be profitable by the middle of the decade.<\/p>\n\n\n\n

\u2192 Qatar Airways releases video, hits back at Airbus in A350 paint dispute.<\/a><\/strong><\/em><\/p>\n\n\n\n

Faury told reporters that COVID-19 weighed on cost-cutting efforts because it impeded production increases.<\/p>\n\n\n\n

“We need volume to have these savings,” he said.<\/p>\n\n\n\n

Quebec Economy Minister Pierre Fitzgibbon said the A220 program has promise to turn the corner and generates key jobs for the province, Canada’s aerospace hub.<\/p>\n\n\n\n

In 2020, Canada’s Bombardier exited the program, the first all-new narrow-body jet in 30 years, after it was beset with delays and cost overruns.<\/p>\n\n\n\n

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