Canada’s Bombardier (OTC: BDRBF) Inc. released a new long-range business jet on Monday. The company wants to stay competitive in a market that serves the ultra-rich and has stayed strong despite the COVID-19-driven boom in demand for private aircraft.
The Montreal-based planemaker said that the Global 8000 will be the world’s fastest business jet, with a top speed of Mach 0.94 and an ultra-long range of 8,000 nautical miles (9,206 miles) (721 miles per hour).
The plane will go into service in 2025 and go up against the high-end Gulfstream G700 and Falcon 10X from competitors General Dynamics (NYSE:GD) and Dassault Aviation (France). (https://reut.rs/3LAUBdx).
Bombardier said that the Global 8000 will have a list price of $78 million, which is a little more than the Global 7500, the company’s flagship model, which lists for $75 million. Both of its competitors, the G700 and the Falcon 10X, cost $75 million.
The Global 8000 jet, which is the same size as the Global 7500 with 19 seats, will come with the Passport Engine from General Electric (NYSE:GE), said Bombardier.
Bombardier’s announcement comes as corporate jet makers have been reporting growing order backlogs because wealthy people kept flying private during the pandemic.
The current Global 7500 is expected to contribute the most to Bombardier’s EBITDA (earnings before interest, taxes, depreciation, and amortization) from now until 2025.
