We've been hearing some rumors for a while now... which turned out to be true. Honda Motor Co., Ltd. and General Electric Co. (GE) have announced the formation of a strategic alliance to produce a new jet engine for light business jets. The basic agreement was signed Saturday (2/15) at Honda Motor headquarters in Tokyo, Japan, by Takeo Fukui, President and CEO of Honda Motor, and David Calhoun, President and CEO of GE Transportation, a business unit of GE. The agreement establishes the framework under which Honda and GE will further develop and certify Honda's new HF118 turbofan jet engine. Honda launched its jet engine and aircraft project in 1986, and has been developing the lightweight HF118 engine, in the 1,000- to 3,500-pound thrust class, since 1999.