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Toyota invests $96M into Mitsubishi Regional Jet Project

Toyota Motor Corp. announced they will be investing $96 million US Dollars (taking 10% ownership interest) into a project to develop a mid-size passenger aircraft by Mitsubishi Aircraft Corporation, a new unit of Mitsubishi Industries. The idea is to develop a fuel-efficient, 70-90 seat regional jet; nicknamed the “MRJ” (Mitsubishi Regional Jet). It will compete with Brazil’s Embraer and Canada’s Bombardier fleets. The plane is scheduled to fly in the year 2013.

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