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Embraer, BAE Systems Join Forces For C-390 Millennium & Eve eVTOL

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·1 min read
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  • Embraer SA (NYSE: ERJ) has inked two MoUs with BAE Systems PLC (OTC: BAESY) to expand in the global defense market.

  • The first MoU seeks to establish a strategic partnership between the parties to collaborate in Middle Eastern markets for C-390, with an initial focus on the Kingdom of Saudi Arabia.

  • The second MoU confirms an intent to create a joint venture to develop a defense variant of Eve Holding Inc (NYSE: EVEX) electrical vertical take-off and landing (eVTOL) vehicle.

  • Eve signed a non-binding Letter of Intent with Embraer and BAE Systems to explore the potential order of up to 150 eVTOL vehicles.

  • "Teams from BAE Systems and Embraer will continue working together to explore how the aircraft, designed for the urban mobility market, can provide cost-effective, sustainable, and adaptable capability as a defense variant," said Jackson Schneider, President and CEO, Embraer Defense & Security.

  • In December 2021, Embraer and BAE Systems disclosed plans to collaborate on developing Eve's eVTOL as a potential defense variant.

  • Price Action: ERJ shares are trading higher by 8.17% at $8.94, EVEX lower by 6.29% at $6.26, and BAESY higher by 0.75% at $39.02 on the last check Tuesday.

  • Photo Via Company

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