The Praetor 500 has a range of 3,340 nm and high-speed cruise of 466 kt.
NetJets has signed an agreement with Embraer for options on up to 250 Praetor 500 midsize business jets, along with an arrangement for comprehensive services and support.
Deliveries are projected to begin in 2025. If all options are exercised, the deal is worth $5 billion at list prices, and will increase Embraer's total backlog by 29% to $22.4 billion, according to an analyst report by J.P. Morgan.
Since 2010, when it first signed an order with Embraer, NetJets has taken delivery of nearly 120 aircraft from the Brazilian OEM.
The aircraft will be the first Praetor 500s to enter the NetJets fleet. The company has operated Phenom 300 series jets for more than 10 years. NetJets first signed a purchase agreement for 50 Phenom 300 aircraft with options for 75 more in 2010. In 2021, when it had taken delivery of more than 100 aircraft, the companies signed a “continuing deal” for up to 100 additional Phenom 300E business jets, in a deal said to be worth more than $1.2 billion.
NetJets currently operates more than 900 aircraft worldwide. A company official said the company expected to take delivery of more than 100 new aircraft from aircraft manufacturers in 2023.
“With this new agreement, NetJets signifies not only its commitment to creating an enhanced customer experience as the company is averaging over 1,200 worldwide flights per day but also its trust in Embraer’s industry-leading portfolio and top-ranked support to deliver the ultimate experience to NetJets customers,” the companies said in a joint announcement of the order on May 11.
“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,” said Michael Amalfitano, Embraer Executive Jets president and CEO. “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 company is “eager” to add the Praetor 500 to its fleet, NetJets management said.
“This historic fleet agreement is another way that we are growing our fleet for the benefit of our loyal customers,” said Doug Henneberry, NetJets Aircraft Asset Management executive vice president. “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.”
The Praetor 500 includes a flat floor cabin, stone flooring and vacuum lavatory. It has a range of 3,340 nm and high-speed cruise of 466 kt.
