Japan picks Mitsubishi Heavy to lead development of new stealth jet fighter

japan-picks-mitsubishi-heavy-to-lead-development-of-new-stealth-jet-fighter

(Reuters) – Japan on Friday said it had picked Mitsubishi Heavy Industries (T:7011) (MHI) to lead the development of a new stealth fighter jet that Japan wants operational the mid-2030s to counter advanced Chinese aircraft.

“We awarded the prime contract to Mitsubishi Heavy,” a ministry of defence spokesman said.

The fighter jet project, which is expected to cost about $40 billion, comes at an opportune time for MHI, as the company is pulling back from plans to build its SpaceJet regional passenger aircraft as coronavirus travel curbs leave airlines with little cash to buy new planes.

The decision was expected because MHI is Japan’s only jet fighter manufacturer, and no other company bid for the contract. Other suppliers and partners will most likely be identified by the end of the year.

U.S. firms that have expressed interest in joining the project include F-35 stealth fighter maker Lockheed Martin Corp (N:LMT), F-18 Super Hornet builder Boeing Co (N:BA) and Northrop Grumman Corp (N:NOC) from the United States. British companies include BAE Systems Plc (L:BAES) and jet engine maker Rolls Royce Holdings Plc (L:RR).

In its budget request for the year starting in April, Japan’s defence ministry has asked for about $730 million to fund research and development of the proposed fighter jet, referred to as the F-X or F-3.

Leave a Reply

Your email address will not be published.

willy-woo:-signs-that-btc-is-decoupling-supports-its-‘safe-haven’-status

Willy Woo: Signs that BTC is decoupling supports its ‘safe haven’ status

former-google-lawyer-joins-spate-of-high-profile-attorneys-entering-crypto

Former Google lawyer joins spate of high-profile attorneys entering crypto