The future fate of the Avanti Evo twin turboprop is in doubt following the insolvency of Italy’s Piaggio Aerospace. The company, controlled by Abu Dhabi-based investment firm Mubadala, declared bankruptcy on November 22 following slow sales of the Avanti Evo and the UAV version of the aircraft, the P.1HH. About 1,200 people are employed by Piaggio Aerospace and the future for those positions remains unclear as well.
Avanti Evo’s Future in Doubt as Piaggio Aerospace Declares Itself Insolvent
Key Takeaways:
- Piaggio Aerospace, the Italian aircraft manufacturer owned by Abu Dhabi's Mubadala, has declared insolvency due to slow sales of its Avanti Evo turboprop and UAV versions.
- The company's financial distress puts the future production of the distinctive Avanti Evo aircraft and the jobs of approximately 1,200 employees in doubt.
- Delays and uncertainty surrounding a crucial large drone order from the Italian Air Force are primarily blamed for Piaggio's insolvency, alongside lagging sales of its existing aircraft.
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