Bombardier profit rises, but Global 7000 launch delayed two years
Bombardier Inc. is pushing back the commercial debut of its Global 7000 business jet by two years, yet another setback for a planemaker that’s consuming cash at a record rate as it focuses on development of its CSeries commercial program.
July 30, 2015 By Bloomberg News
The shares plummeted the most among Canadian industrial stocks Thursday after Bombardier said the Global 7000 will enter service in the second half of 2018. As recently as last year, Bombardier promised a 2016 debut for the 7000, with the smaller 8000 following in 2017.
The postponement adds to the strain on Bombardier, already shaken by more than two years of cost overruns and sales struggles for the CSeries, the suspension of the Learjet 85 program and the reduction in output of the Global 5000 and 6000 corporate aircraft. The 7000 will be able to fly nonstop from London to Singapore and retail for US$72.8 million. | READ MORE
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