Now playing
02:56
Airbus and Boeing strengthen their duopoly
Now playing
01:09
Here are some of Budweiser's best Super Bowl ads ever
Steve Gray stands outside his home in Gillette, Wyoming. He called CNN concerned that, following the election of President Biden, that Gillette could become a "ghost town." He says he was laid off from an oil field job in 2015, then subsequently from another job in oil and then one in coal last year.
Steve Gray stands outside his home in Gillette, Wyoming. He called CNN concerned that, following the election of President Biden, that Gillette could become a "ghost town." He says he was laid off from an oil field job in 2015, then subsequently from another job in oil and then one in coal last year.
PHOTO: McKenna Ewen
Now playing
09:21
He called CNN after the election to share his biggest fear
PHOTO: Shutterstock
Now playing
04:42
Ever receive a package you didn't order? It could be a scam
Outgoing US President Donald Trump and First Lady Melania arrive at Palm Beach International Airport in West Palm Beach, Florida, on January 20, 2021. - President Trump and the First Lady travel to their Mar-a-Lago golf club residence in Palm Beach, Florida, and will not attend the inauguration for President-elect Joe Biden. (Photo by ALEX EDELMAN / AFP) (Photo by ALEX EDELMAN/AFP via Getty Images)
Outgoing US President Donald Trump and First Lady Melania arrive at Palm Beach International Airport in West Palm Beach, Florida, on January 20, 2021. - President Trump and the First Lady travel to their Mar-a-Lago golf club residence in Palm Beach, Florida, and will not attend the inauguration for President-elect Joe Biden. (Photo by ALEX EDELMAN / AFP) (Photo by ALEX EDELMAN/AFP via Getty Images)
PHOTO: ALEX EDELMAN/AFP/AFP via Getty Images
Now playing
03:05
Sales drop at Trump businesses hit hard by pandemic, toxic image
US President Joe Biden signs executive orders for economic relief to Covid-hit families and businesses in the State Dining Room of the White House in Washington, DC, on January 22, 2021. (Photo by Nicholas Kamm / AFP) (Photo by NICHOLAS KAMM/AFP via Getty Images)
US President Joe Biden signs executive orders for economic relief to Covid-hit families and businesses in the State Dining Room of the White House in Washington, DC, on January 22, 2021. (Photo by Nicholas Kamm / AFP) (Photo by NICHOLAS KAMM/AFP via Getty Images)
PHOTO: Nicholas Kamm/AFP/Getty Images
Now playing
02:42
Biden signs executive order to promote $15 federal minimum wage
White House senior adviser Kevin Hassett speaks with reporters at the White House, Friday, June 19, 2020, in Washington. (AP Photo/Alex Brandon)
White House senior adviser Kevin Hassett speaks with reporters at the White House, Friday, June 19, 2020, in Washington. (AP Photo/Alex Brandon)
PHOTO: Alex Brandon/AP
Now playing
05:08
Ex-Trump official who supports Biden stimulus plan speaks out
Miles of unused pipe, prepared for the proposed Keystone XL pipeline, sit in a lot on October 14, 2014 outside Gascoyne, North Dakota. (Photo by Andrew Burton/Getty Images)
Miles of unused pipe, prepared for the proposed Keystone XL pipeline, sit in a lot on October 14, 2014 outside Gascoyne, North Dakota. (Photo by Andrew Burton/Getty Images)
PHOTO: Andrew Burton/Getty Images
Now playing
01:58
Biden revokes Keystone XL pipeline permit
Now playing
03:17
Many believed conspiracy theories about Trump and the election. Now, they're losing faith
SAN ANSELMO, CALIFORNIA - JANUARY 08: The suspended Twitter account of U.S. President Donald Trump appears on an iPhone screen on January 08, 2021 in San Anselmo, California. Citing the risk of further incitement of violence following an attempted insurrection on Wednesday, Twitter permanently suspended President Donald Trump
SAN ANSELMO, CALIFORNIA - JANUARY 08: The suspended Twitter account of U.S. President Donald Trump appears on an iPhone screen on January 08, 2021 in San Anselmo, California. Citing the risk of further incitement of violence following an attempted insurrection on Wednesday, Twitter permanently suspended President Donald Trump's account. (Photo Illustration by Justin Sullivan/Getty Images)
PHOTO: Justin Sullivan/Getty Images North America/Getty Images
Now playing
04:29
What impact could deplatforming Donald Trump have?
Members of the Michigan Boogaloo Bois an anti-government group stand with their long guns near the Capitol Building in Lansing, Michigan on January 17, 2021, during a nationwide protest called by anti-government and far-right groups supporting US President Donald Trump and his claim of electoral fraud in the November 3 presidential election. - The FBI warned authorities in all 50 states to prepare for armed protests at state capitals in the days leading up to the January 20 presidential inauguration of President-elect Joe Biden. (Photo by SETH HERALD / AFP) (Photo by SETH HERALD/AFP via Getty Images)
Members of the Michigan Boogaloo Bois an anti-government group stand with their long guns near the Capitol Building in Lansing, Michigan on January 17, 2021, during a nationwide protest called by anti-government and far-right groups supporting US President Donald Trump and his claim of electoral fraud in the November 3 presidential election. - The FBI warned authorities in all 50 states to prepare for armed protests at state capitals in the days leading up to the January 20 presidential inauguration of President-elect Joe Biden. (Photo by SETH HERALD / AFP) (Photo by SETH HERALD/AFP via Getty Images)
PHOTO: Seth Herald/AFP/Getty Images
Now playing
04:37
Expert: Social media to extremism is like oxygen to fire
PHOTO: @Virgin_Orbit
Now playing
01:03
Watch this rocket launch from the wing of a jumbo jet
WASHINGTON, DC - JUNE 22: Facebook
WASHINGTON, DC - JUNE 22: Facebook's Chief Operating Officer Sheryl Sandberg speaks with AEI president Arthur C. Brooks during a public conversation on Facebook's work on 'breakthrough innovations that seek to open up the world' at The American Enterprise Institute for Public Policy Research on June 22, 2016 in Washington, DC. (Photo by Allison Shelley/Getty Images)
PHOTO: Allison Shelley/Getty Images North America/Getty Images
Now playing
01:23
Hear Sandberg downplay Facebook's role in the Capitol riots
Passengers look out at American Airlines flight 718, a Boeing 737 Max, parked at its gate at Miami International Airport as people load for the flight to New York on December 29, 2020 in Miami, Florida. The Boeing 737 Max flew its first commercial flight since the aircraft was allowed to return to service nearly two years after being grounded worldwide following a pair of separate crashes. (Photo by Joe Raedle/Getty Images)
Passengers look out at American Airlines flight 718, a Boeing 737 Max, parked at its gate at Miami International Airport as people load for the flight to New York on December 29, 2020 in Miami, Florida. The Boeing 737 Max flew its first commercial flight since the aircraft was allowed to return to service nearly two years after being grounded worldwide following a pair of separate crashes. (Photo by Joe Raedle/Getty Images)
PHOTO: Joe Raedle/Getty Images
Now playing
03:15
Airlines & TSA boost security ahead of Inauguration
Philanthropist Chief Executive Officer of Las Vegas Sands Sheldon Adelson listens to US President Donald Trump address to the Israeli American Council National Summit 2019 at the Diplomat Beach Resort in Hollywood, Florida on December 7, 2019. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)
Philanthropist Chief Executive Officer of Las Vegas Sands Sheldon Adelson listens to US President Donald Trump address to the Israeli American Council National Summit 2019 at the Diplomat Beach Resort in Hollywood, Florida on December 7, 2019. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)
PHOTO: Mandel Ngan/AFP/Getty Images
Now playing
03:14
Major GOP donor and casino magnate Sheldon Adelson dies
Democratic presidential candidate and former US Vice President Joe Biden speaks on the state of the US economy on September 4, 2020, in Wilmington, Delaware. (Photo by JIM WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)
Democratic presidential candidate and former US Vice President Joe Biden speaks on the state of the US economy on September 4, 2020, in Wilmington, Delaware. (Photo by JIM WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)
PHOTO: JIM WATSON/AFP/Getty Images
Now playing
02:02
Why Wall Street is hopeful about Biden despite economic challenges
(CNN Business) —  

Bombardier has given up on commercial aviation, selling its regional jet business to Mitsubishi Heavy Industries (MHVYF) for $550 million in cash.

The sale marks the end of an era for Montreal-based Bombardier, which has been forced to admit defeat in the face of heavy competition from the industry’s entrenched duopoly, Boeing (BA) and Airbus (EADSY).

Bombardier (BDRAF) CEO Alain Bellemare said the deal “represents the completion of Bombardier (BDRAF)’s aerospace transformation.” The company will now focus on trains and private planes.

The retreat comes less than two years after European aerospace group Airbus took control of Bombardier’s C Series, which made planes with up to 130 seats. That jet is now called the Airbus A220.

Boeing and Airbus dominate aviation, protected from new competitors by the huge capital expense required to develop and build commercial planes.

Brazil’s Embraer, which like Bombardier sought to compete in the market for smaller jets, was forced to form a joint venture with Boeing in 2018.

Japan’s Mitsubishi is one of the few companies that still aspire to compete with the duopoly. The Commercial Aircraft Corporation of China, or Comac, is another.

The Mitsubishi Regional Jet program has suffered from years of delays, and there are questions over demand for the aircraft. The plane’s branding was updated at last week’s Paris Air Show: It’s now called the Spacejet.

Bombardier said it would continue to assemble regional jets on behalf of Mitsubishi until an order backlog is cleared. Production near Montreal is expected to stop in the second half of next year.