With this new agreement, Airbus committed to investing $900 million in the loss-making program while Quebec will put up $300 million, according to a statement on Feb. 4.
Under the deal, the two sides can delay the date by which Airbus will buy Quebec’s 25% stake to 2030, the statement said. Previously the buyout was supposed to happen by 2026.
The A220 aircraft, originally known as the C Series, won praise for its fuel-efficient engines, composite wings, and an airy cabin featuring large windows. But the program ran more than two years late and billions over budget, and developer Bombardier Inc. had trouble attracting buyers in an industry dominated for decades by Airbus and Boeing.
In 2018, Airbus stepped in and acquired a 50.1% stake in the A220 program and lifted its stake to 75% two years later, while Bombardier transferred the remaining 25% to the provincial government.
