The Vision SF50 personal jet program is now fully funded through certification and initial production, Cirrus announced on Wednesday at the Aero Friedrichshafen show in Germany. CAIGA, which acquired Cirrus last year, will cover all the costs. First customer delivery is expected in 2015, according to Cirrus. CEO Dale Klapmeier said the announcement is a "milestone" for the company. "Our new owners are actively partnering with Cirrus while providing substantial resources for us to meet and exceed our shared goals as we build an entire family of Cirrus aircraft," he said. The jet is priced at $1.72 million until July 1, when the price goes up to $1.96 million.
The new investment will "significantly increase" the pace and momentum of the program, Cirrus said. The Vision concept aircraft first flew in 2008, and detail design, systems verification and full flight envelope testing have been ongoing since that time. The company now plans to accelerate hiring of engineers, designers and other related technical disciplines critical to the completion of the program. The Vision jets will be built in the company's facilities in Minnesota and North Dakota. They will feature Garmin avionics and a Williams International jet engine. Cirrus didn't announce a total cost for bringing the jet to certification, but the Minnesota Star-Tribune this week said it was estimated at about $150 million. As of February, Cirrus said it had 475 orders for the jet.