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

Embraer SA ERJ has inked two MoUs with BAE Systems PLC 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 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.
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