Russia's and China’s aircraft consigns Airbus and Boeing to oblivion

Russia's United Aircraft Corporation and the Commercial Aircraft Corporation of China have signed an agreement this summer on a joint enterprise for development, production and sales of a wide-body long-range aircraft, which is also known as the C929.

First flight is to take place in 2023, and deliveries will be started in 2026. The project presupposes three models of an aircraft, the basic one is designed for 280 passengers. The program is to last till 2045. It is planned that the aircraft will be more effective by 10-15% than Boeing 787 Dreamliner and Airbus 350. 'Reduction of direct operational expenses by over 10% will provide up-to-date bypass engines and latest achievements in aerodynamics and composite materials. Along with attractive cost, it will have an advantage over competitors,' representative of the United Aircraft Corporation said.

The development will cost $13bln, $7bln will go to marketing, spare parts and so on. Expenses will be shared by China and Russia equally.

The price of an aircraft is to make $113.5-117.8m, the first year it will be 20% cheaper than its competitors. By 2045 the development should bring $123bln of returns and $9.6bln of net profit. Given this, the sales can make up 1,000 aircraft.