Brazilian planemaker Embraer signed a deal to sell 100 planes to NetJets, an American company that sells fractional ownership shares in private business jets. The latest order adds to a 2010 purchase for 50 Phenom 300 craft — with an option to buy a further 75, totaling a contract of USD 1.2 billion.
Embraer has already delivered 100 Phenom 300 executive jets to NetJets — which belongs to Warren Buffett’s Berkshire Hathaway group — and the latest agreement provides for the delivery of another 100 planes as of Q2 2023, to be flown in the U.S. and Europe. Analysts celebrated the deal as it brings revenue to both Embraer’s executive and services segments.
After a terrible 2020 which raised questions about its very survival, Embraer has enjoyed a bounceback this year, with stocks up 29 percent year-to-date. Last week, its subsidiary Eve Urban Air Mobility, finalized an order for 100 electric-powered vertical takeoff and landing vehicles (eVTOLs) for Avantto, a plane-sharing company. That was the biggest order Embraer has ever received from a Brazilian company.