NetJets receives first two Praetor 500 private jets

NetJets has received its first two Praetor 500s.

The Embraer aircraft are part of the options for up to 250 of the long-range midsize private jets, announced in May 2023.

The deal carried a retail value of $5 billion.

At the time, NetJets Executive Vice President Doug Henneberry said, “We are eager to add the Embraer Praetor 500, one of today’s most state-of-the-art business jets, to our midsize fleet.”

Henneberry added, “This historic fleet agreement is another way that we are growing our fleet for the benefit of our loyal customers.”

In June 2024, an Embraer executive said the world’s largest private jet operator had converted its first five options.

News of the arrival came via social media.

President Patrick Gallagher posted on LinkedIn this afternoon:

‘NetJets’ first two Praetor 500s have arrived! The team did a fantastic job with the specification decisions. They look great in our livery striping, and you’ve gotta love that new jet smell!’

Speaking to CNBC last month, Gallagher said, “In terms of what we see in future demand, there have really been no signs of slowdown even in this period of market volatility, uncertainty, and tariff concerns.”

NetJets is expected to take delivery of around 90 new aircraft this year.

It currently has 150 Embraer Phenom 300 light jets in its fleet.

Gallagher said that, despite the surge in new private jet flyers driven by COVID-19, the market still has room to grow.

Gallagher told CNBC, “The pandemic unlocked a portion, but if the private aviation market expanded by 40%, you still have only 14% of the addressable market (flying privately).”

A McKinsey study at the outset of the pandemic found only about 10% of consumers with the means to fly privately were doing so.