Japan and France are to work together to develop a successor to the retired supersonic jet aircraft Concorde. Companies from the countries will split an investment of $1.84m (£1.01m) a...

Japan and France are to work together to develop a successor to the retired supersonic jet aircraft Concorde. Companies from the countries will split an investment of $1.84m (£1.01m) a year for research over the next three years, Japan's trade ministry said.

The agreement to develop the new passenger plane was signed at the Paris Air Show, Japan added. The new plane will have 300 seats and cut the flight time between New York and Tokyo to six hours, reports said.

PSFK says: erm, only $1.84m a year in research for the next Concorde??

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