Taking a hint from the grandfather of all auto-to-aerospace pioneers – Henry Ford, who produced the venerable Fort Tri-Motor – Toyota is considering getting into the aircraft industry by investing in Mitsubishi Heavy Industries (MHI). The move follows Honda’s entrance into the market with the HondaJet, a very light jet.
MHI, which invited the auto manufacturer and other firms to invest in the Y150 billion development program, is already working on a 70- to 90-seat regional jet. The MRJ is scheduled to enter service in 2013 and is Japan’s first airliner since the YS-11 which ceased production in 1974. Asahi Shimbun reported that Toyota may put up Y10 billion into a new program to be set up in April. The new company needs Y100 billion in capitalization with MHI funding 60 percent of it.
For its part, All Nippon has expressed interest in a new jet but is already looking at larger regional jets from Embraer and Bombardier. General Motors and Chrysler were also involved in aviation but sold off those divisions in the 1960s.