NetJets, the corporate aviation company, recently announced a new partnership with Brazilian manufacturer Embraer, sealing a deal for up to 250 Praetor 500 aircraft. With an estimated value of $5 billion, this order represents one of the largest commitments to Embraer's program.
The agreement encompasses a comprehensive range of services and support, aiming to provide NetJets with a diverse and robust fleet of corporate aircraft while enhancing the overall customer experience. Initial deliveries of these aircraft are anticipated to commence in 2023.
The collaboration between NetJets and Embraer spans over a decade. It all started when the corporate aviation company placed an order for 50 Phenom 300 aircraft, which have proven to be invaluable assets and are still actively operating today. Following the successful delivery of over 100 aircraft by Embraer in 2021, the two companies extended their partnership with a continuous agreement for an additional 100 Phenom 300/E jets. The total worth of this new agreement stands at around $1.2 billion.
Expressing his enthusiasm, Doug Henneberry, Executive Vice President of NetJets Aircraft Asset Management, stated, "We are thrilled to incorporate the Embraer Praetor 500, one of the most advanced business jets available, into our midsize fleet.
This groundbreaking fleet agreement represents yet another step in expanding our offerings for the benefit of our loyal customers. By adding up to 250 aircraft to our fleet, we will continue to deliver exceptional service and seamless access to global destinations for NetJets owners."
The Praetor 500 is a state-of-the-art midsize executive aircraft, equipped with cutting-edge aviation technology, enabling transcontinental flights within the United States at impressive speeds. Setting it apart from its competitors, this aircraft boasts fully integrated fly-by-wire flight controls, placing it at the forefront of technological advancement within its class.
Established in 1964 as Executive Jet Aviation, NetJets has become a prominent player in the executive aviation industry. In addition to providing direct aircraft rentals, the company offers Fractional Ownership, granting individuals the right to access between 50 and 400 flight hours per year for a period of five years.
Additionally, they provide the Marquis Jet Card, which offers the purchase of prepaid hour packages at preferential rates. Currently, NetJets operates a diverse fleet comprising Embraer Phenom 300, Cessna Citation Latitude and Citation XLS, Bombardier Challenger 350, Dassault Falcon 2000EX, and Bombardier Global 6000 aircraft.
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