Word: fanjet
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Dates: during 1962-1962
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...Convair backed out of the commercial jet business with the 880 fiasco, it might have held its losses to perhaps $100 million. Instead, in an attempt to recoup its 880 losses, Convair decided to build a long-range jet, the 990, which, by using the then new fanjet engine, would fly faster (635 m.p.h.) than any comparable commercial jet. To save lead time, Convair skipped making a prototype, with the result that when the first 990s came off the production line, they could not fly at the guaranteed speed-and General Dynamics was forced to cut the sale price...