(Reuters) – Canada’s Bombardier (OTC) Inc unveiled a new long-range commercial jet on Monday. The company is keen to maintain its competitiveness in a highly-skilled market.

Montreal’s planemaker claimed that the Global 8000 will be the world’s fastest commercial jet. It has an extreme range of 8,000 nautical mile (9,206 miles), and a maximum speed of Mach 0.94 (721 mi per hour).

This plane will go into service in 2025. It competes with models from rivals General Dynamics (NYSE 🙂 and France’s Dassault Aircraft – the Falcon 10X or Gulfstream G700, respectively. (https://reut.rs/3LAUBdx)

Bombardier claimed that the Global 8000 would have a price tag of $78 million. This is slightly less than the 75 million it was listed for in its predecessor, the Global 7500. Both the Falcon 10X (and its rival, the G700) are priced at $75million.

Global 8000, which is the same size and weight as the Global 7500 will be equipped with General Electric Bombardier has also added the Passport Engine to (NYSE:)

Bombardier’s announcement is made at a time when corporate jet manufacturers have reported increasing order backlogs as wealthy people continued to fly private during the pandemic.

Bombardier’s Global 7500 will be its largest contribution to earnings before interest taxes, depreciation or amortization (EBITDA), over the next 2025.