Latest news with #EmbraerPhenom300
News18
17-07-2025
- Business
- News18
How Rich Do You Have To Be To Own A Private Jet?
1/7 Owning a private jet is far more than a one-off purchase; it entails a continuous, multi-million-dollar financial undertaking. Beyond the initial cost, owners must also consider ongoing maintenance, fuel, crew salaries, airport fees, and insurance. If you've ever contemplated this high-end lifestyle and questioned its practicality, here's a detailed breakdown of the true costs and income required to sustain private jet ownership. Are you wondering how much it cost to purchase a private jet? Prices vary greatly depending on the jet's size, range, model, year, and features. Light jets, which typically carry four to seven passengers, cost between $3 million and $9 million. Popular models include the Cessna Citation CJ3 and the Embraer Phenom 300. Midsize jets, which accommodate eight to twelve passengers, are priced from $9 million to $20 million, with models such as the Embraer Praetor 600 and Bombardier Challenger 350 being common choices. 3/7 Larger and long-range jets, capable of seating twelve to nineteen passengers, range from $25 million to $75 million. Examples include the Gulfstream G650, Bombardier Global 7500, and Dassault Falcon 8X. At the top end of the market, ultra-luxury VIP jets, often converted from commercial aircraft like Boeing or Airbus, can exceed $100 million. Maintenance expenses: This is where the true cost of ownership begins to emerge. Light jets typically incur annual maintenance costs of between $500,000 and $1 million. For midsize jets, the yearly maintenance ranges from $1 million to $2 million. Large jets demand even higher upkeep, with costs reaching between $2 million and $5 million per year. 5/7 Operating costs: Fuel prices generally range from $4 to $7 per gallon. Beyond that, owners must account for hangar storage, landing and airport fees, crew wages, insurance premiums, technical upgrades, and licensing. For example, operating a Gulfstream G650 can cost roughly $3,000 to $5,000 per flight hour. From a business aviation standpoint, flying more than 300 to 400 hours a year may justify outright ownership. Otherwise, chartering or fractional ownership tends to be more cost-effective. Required income and net worth: To realistically afford a private jet, one's financial status must align with the size of the aircraft. For a light jet, a net worth of at least $25 million and an annual income exceeding $5 million are advisable. Midsize jets require a net worth over $50 million and income above $10 million per year. To operate a large, long-range jet comfortably, you'll likely need a net worth of more than $100 million and annual earnings of $20 million or more.
Newsweek
07-05-2025
- Business
- Newsweek
Private Aviation Charter Company Using AI to Enable High-End Client Service
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Craft, a private aviation charter company launched in 2020, is changing the way the aviation industry approaches private air travel. The company has introduced artificial intelligence into its operations and rolled out a novel 721 exchange fund designed to "provide investors with a meaningful way to diversify their portfolio while enjoying the unique benefits of access to private aviation." The company's new exchange fund works similarly to traditional exchange funds. Investors can contribute their stock to the private fund in exchange for a share of the fund's portfolio. This decision can be beneficial for investors as it defers the need to pay capital gains taxes. Unlike other funds, Craft holds private aircraft as assets. When an investor diversifies with the fund, they essentially own a part of a private aircraft. What makes the investment unique is that Craft allows investors to access and use the aircraft they've invested in. This allows individuals to enjoy the benefits of private air travel without the responsibilities of upkeep, licensing, insurance and storage that come with private airplane ownership. Craft's fleet features Bombardier Challenger 300 mid-size business jets and Bombardier Challenger 350 super mid-size business jets. Craft's fleet features Bombardier Challenger 300 mid-size business jets and Bombardier Challenger 350 super mid-size business jets. Craft "Historically, the aviation industry has been slower than other industries to innovate. But, at Craft, we have always seen tremendous potential to bring new ideas to the marketplace. Our 721 exchange fund is one such innovation, and we're excited to be combining private aircraft with this unique investment opportunity," said Israel Slodowitz, CEO of Craft, told Newsweek. "Investors are increasingly looking for new and exciting ways to diversify their portfolios. Craft's exchange fund offers the perfect opportunity for diversification, and offers investors the unique benefit of access to private aircraft for their own use," he said. Craft owns a fleet of Bombardier Challenger 300 mid-size business jets and Bombardier Challenger 350 super mid-size business jets. Both planes have a range of over 3,000 miles and can seat nine passengers. Plans to purchase Bombardier Global 5000 long-range business jets and Embraer Phenom 300 light business jets are forthcoming. Craft private jet with passengers. Craft private jet with passengers. Craft Craft has already begun using artificial intelligence (AI) to streamline and maximize its business operations. "Craft has begun to implement AI into the company's operation, beginning with sales. Aircraft and crew are a limited resource," Slodowitz said. "Given this constraint, Craft is using AI to recognize patterns in the thousands of flight requests the company receives each week, to help determine the best usage of the limited aircraft and crew (i.e. the best and most efficient flights to sell). Humans are still involved in the process, but are able to focus on different aspects of the flight sales process." Fleet efficiency may be where Craft sees the most results from AI use. "Craft believes that this use of AI will allow the company to see a significant increase in the efficient use of their limited fleet – which, in turn, will ultimately benefit members of the company's exchange fund, through growth of their invested capital," Slodowitz said.
Broadcast Pro
03-04-2025
- Business
- Broadcast Pro
Eutelsat expands LEO aviation services with high-speed connectivity
Eutelsats OneWeb LEO services are now live and operational for commercial and business aviation customers. Eutelsat has announced its OneWeb low Earth orbit (LEO) services for commercial and business aviation are now live and operational, with over 100 certified antenna installations completed and the first commercial and business aircraft now flying using Eutelsats OneWeb LEO connectivity. In addition to its long-established geostationary (GEO) aviation services, Eutelsat is working with Intelsat, Hughes and Panasonic Avionics to deliver LEO and multi-orbit solutions to the commercial aviation market. Air Canada is the first commercial airline to deploy the multi-orbit GEO/LEO service, through Intelsat, with additional world-class carriers also beginning installations and commercial flights with multi-orbit solutions on board. In business aviation, Eutelsat has partnered with industry leader, Gogo, to equip the first Embraer Phenom 300 with LEO services, while aircraft manufacturer, Textron, will be installing solutions on the Cessna Citation Longitude, Latitude and Ascend models as well as Airbus Corporate Jets on all Airbus ACJ types. Together, Eutelsats aviation services have a combined backlog of over 1,000 aircraft scheduled for installation. Cyril Dujardin, President of the Connectivity Business Unit at Eutelsat, said: 'Eutelsats LEO aviation services, powered by the OneWeb constellation, provide high speed, low latency, and premium performance to meet the evolving connectivity needs of airlines and business jets globally. With a robust backlog and expanding reach across both commercial and business aviation, we are confident in the long-term growth of our aviation services. We believe that a fully integrated IFC ecosystem will transform in-flight connectivity, providing airlines with flexible, responsible, and scalable solutions that enhance the passenger experience and support the future of air travel worldwide.'
