The largest fractional jet operator, NetJets has signed a new deal with aircraft manufacturer Embraer for up to 250 mid-size Praetor 500 jets. The deal includes a comprehensive services and support agreement and is valued in excess of US $5 billion. Deliveries are expected to begin in 2025, and will be NetJets' first time offering the midsize Praetor 500 to customers.
The partnership between Embraer and NetJets began in 2010 when NetJets first signed a purchase agreement for 50 Embraer Phenom 300 aircraft, with up to 75 additional options. In 2021, after Embraer successfully delivered over 100 aircraft, the companies signed a continuing deal for up to 100 additional Phenom 300/E jets, valued in excess of $1.2 billion. The Phenom 300 is very popular and has been the best-selling light jet in the world for many years, it is also the entry level, and only light jet, in the NetJets fleet.
Patrick Gallagher, President, NetJets Sales, Marketing & Service recently commented “it’s hard to believe that the next available share of a NetJets Phenom in the US arrives Q4 of next year.” In other words, customers would have to wait 18 months to access their fractional share in a Phenom at NetJets.
“Since 2010, Embraer has enjoyed NetJets’ ongoing commitment to our industry-leading aircraft, which is a true testament to the value of our brand and our ability to deliver the ultimate experience in business aviation,” said Michael Amalfitano, President and CEO of Embraer Executive Jets. “Our strategic partnership has been an integral part of our business growth, with NetJets taking all aircraft delivery options that have been ordered with Embraer since inception. After building this successful foundation with the Phenom 300 series, it’s our pleasure to have now signed this monumental deal for the Praetor 500 midsize jet, and we look forward to an even more exciting future ahead.”
The Praetor 500 is a mid-size jet with a range of 3,340 nm (6,186 km), enabling U.S. coast-to-coast capability from say Miami to Seattle or from San Francisco to Boston. Typical seating is for 7 passengers, additionally, it offers a flat-floor cabin, stone flooring, a vacuum lavatory, and 150 cu ft of baggage space, including a fully enclosed internal baggage compartment.
"We are eager to add the Embraer Praetor 500, one of today's most state-of-the-art business jets, to our midsize fleet," said Doug Henneberry, Executive Vice President of NetJets Aircraft Asset Management. "This historic fleet agreement is another way that we are growing our fleet for the benefit of our loyal customers. By adding up to 250 aircraft to our fleet, we will continue providing NetJets Owners with exceptional service and seamless access to all corners of the globe."
NetJets has seen record demand over the last few years and says it is averaging over 1,200 worldwide flights per day.