![]() "Moscow realised that outside China, it's very hard for the CR929 to grab potential customers from competitors like Boeing and Airbus." "It's predicted that the Chinese market alone will require more than 3,000 widebody aircraft in the future, ensuring Boeing and Airbus's current market shares remain unchanged," the second source said. Photo: Bloomberg alt=A mock-up of the plane's business class cabin. The project launched in 2017 with the aim of challenging international manufacturers such as Boeing in the US and Airbus in Europe.Īnother source said China wanted to exclude Russia from a share of the profits from the Chinese market and instead split the profits from the rest of the world, with Russia taking a 70 per cent share.īut the Chinese market is likely to be far more profitable than anywhere else, which means Russia would potentially have far less to gain from the venture.Ī mock-up of the plane's business class cabin. The CR929-600 is a planned long-range, 280-seat passenger jet being developed by the Shanghai-based Commercial Aircraft Corporation of China and Russia's United Aircraft Corporation. ![]() "The Russia side regards Beijing's choice to use Western components as showing a white flag to the West amid global sanctions following Russia's invasion of Ukraine," said the source. The wide-bodied jet is designed to fly to the United States and Europe, so it would be better to choose some key components by sharing some orders with European and American manufacturers," one source who is familiar with the matter said.ĭo you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.įor example, Beijing wants to use an American or German undercarriage, while Russia insists on using its own, despite their poor safety record, the source continued. "One of the key reasons is that Beijing hopes the CR-929 passengerjet will meet Western airworthiness standards. The Russians are unhappy because China wants to invite Western companies to take part in the US$50 billion project to develop a new passenger jet, known as the CR-929, according to two independent sources. Only 22 VC-backed companies managed to successfully list in the first half of year compared to 183 over the same period in 2021, and 108 in 2020, the report said.The future of the largest aviation joint venture between China and Russia is looking bleak because of intensifying disagreements between the two over how they share the profits and the possible involvement of Western companies. The IPO market in the second-quarter hit a 13-year low with only eight companies managing to list. "Exits remain extremely low while late-stage companies act with caution as a result of bearish public market activity," said John Gabbert, founder and chief executive of PitchBook. The door to potential billion-dollar exits has also closed with initial public offerings (IPOs) on ice against the backdrop of falling valuations and choppy trading across U.S. The pace of VC activity is also expected to slow in the second half of 2022 as the threshold for closing deals rises and pricing uncertainty extends to the early stages of the investment cycle. While investments in late-stage firms saw a substantial decline in average size and valuations from recent highs, funding in early-stage companies in the second-quarter also came in well below the record levels set in the prior year, according to the report by PitchBook and the National Venture Capital Association (NVCA)
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