Mitsubishi's problem is Embraer's headstart of over 1,000 aircraft orders, along with an established reputation for financing, reliability and after-sales service, said Richard Aboulafia, vice president of analysis at consultancy Teal Group.

After the MRJ came into the picture, Embraer said it would upgrade its E-Jets with the same fuel efficient Pratt & Whitney engines under the name E2. These will be delivered from 2018 only a year after the delayed MRJ.

"The E-Jet E2 will produce economics every bit as competitive as the MRJ, despite the lack of clean-sheet design," said Morris.

Mitsubishi has a better chance of displacing Bombardier, which has bet big on developing its CSeries to break into the market for 150-seat aircraft at the expense of its CRJ regional jets, said Aboulafia.

"The rollout is a positive development, particularly useful for marketing," said Richard Aboulafia, a vice president of Teal Group, a Virginia-based consultant. "The MRJ order book is a good start for a new player." Still, "the MRJ program needs to prove that it can be competitive even up against the market leader."

Mitsubishi Aircraft wants to take half of the global market for regional aircraft over the next 20 years as Bombardier focuses on its new CSeries jets, which will be able to carry as many as 160 passengers. The CSeries program is also delayed.