Chinese firms place windfall order with Embraer

Brazilian aircraft manufacturer, Embraer, has secured orders for 60 aircraft from Chinese companies following an official state visit to Brazil by Chinese President Xi Jinping.

Embraer E-Jet E2

Tianjin Airlines placed an order for 40 regional E-Jets, including the next generation E2 aircraft, while leasing company ICBC Leasing, placed a separate order for 20 jets.

Tianjin Airlines, a subsidiary of the HNA Group, has signed a US$2.1 billion deal for 20 E-Jets and 20 E-Jets E2, becoming the first Chinese airline to order the E-Jets E2 model. The first current generation E-Jet will be delivered in 2015, and the first E-Jet E2 is scheduled for delivery in 2018.

“Embraer E190s have been the cornerstone of our regional expansion strategy over the past few years and have allowed us to achieve our development objectives,” said Liu Lu, Executive Chairman & President of Tianjin Airlines.

“The twenty new E-Jets E2s will bring us even greater efficiency and flexibility in adding frequencies and expanding markets.”

Embraer also inked a sales agreement for up to 20 E190-E2 with China’s ICBC Financial Leasing Co (ICBC Leasing), which covers ten firm orders and ten purchase rights. The value of the contract is US$1.1 billion at list prices if all purchase rights are converted to firm orders. Deliveries of the aircraft, which seat 70-130 passengers, are scheduled to begin in 2018.

Cong Lin, CEO of ICBC Leasing, said; “Adding E-Jets E2s to our portfolio will diversify our aircraft resources, strengthen our leadership in the leasing market and support us in expanding the leasing market of regional aviation. We are confident that these new jets will bring great benefits to our customers.”

The latest order comes in addition to another order for ten Legacy 650 large executive jets with five options as a follow-on to the Memorandum of Understanding it signed in April 2012.

Established in 2007 as a wholly-owned subsidiary of the Industrial and Commercial Bank of China, one of the world’s largest banks, ICBC Leasing owns and manages a fleet of over 380 aircraft.

Since its introduction in 2004, over 1,000 E-Jets are now in active services with 65 airlines in 45 countries. The aircraft has made Embraer a dominant player in the 70-130 seat regional jet market.

The E-Jet E2 represents the next generation of the E-Jet range.  The E2 adopts state-of-the-art engines in combination with new aerodynamically advanced wings, full fly-by-wire flight controls and advancements in other systems, which will result in significant improvements in fuel burn, maintenance costs, emissions and external noise. The first delivery of an E-Jet E2 is planned for the first semester of 2018.

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