Image source: China Visual
BEIJING, August 2 (TMTPOST) -- China"s large aircraft C919 has completed all test flights for certification, its manufacturer Commercial Aircraft Corp of China (COMAC) said on Monday.
After the completion of the test flights, the next steps will be going through the technical review of the Civil Aviation Administration of China (CAAV), and finally obtaining its type inspection authorization issued by CAAV. The first delivery of a C919 narrow-body passenger jet is scheduled for the end of this year.
The C919 large passenger aircraft is a large jet civil aircraft developed by a Chinese company in accordance with international civil aviation regulations and with independent intellectual property rights, with a seating capacity of 158-168 seats and a range of 4,075-5,555 km.
Up to now, it has accumulated 815 orders from 28 clients. The unit price of the C919 is US$99 million, which is equivalent to about RMB 653 million. China Eastern Airlines, one of the China"s largest airlines headquartered in Shanghai and its first client, had announced a directed share issue that aims to raise 15 billion yuan for the purchase of 38 aircraft, including four domestic C919 aircraft.
Once a C919 jet takes off for commercial flights, it may make waves in the narrow-body aircraft track. Zhao Xin, CFO of Zhongguancun e Valley, said that its market share will be limited due to the small production of C919 in the short term. However, the C919 is expected to gain 1/3 market share in the narrow-body passenger aircraft market, and it should be competitive enough to rival Boeing and Airbus, he added.
The news of China’s C919 completing its airworthiness test flight has sent the equity market soaring. On Monday, the large aircraft sector index climbed by 0.82% by the close of trading. In terms of individual stocks, Yinbang shares surged by 16.48%; Saixiang Technology and Lihang Technology rose to their daily limits.