- Avolon, the international aircraft leasing company, has signed a non-binding memorandum of understanding with AirAsia Aviation Group Limited to lease a minimum of 100 Vertical Aerospace Ltd’s (NYSE:EVTL) VX4 eVTOL aircraft. Financial terms not disclosed.
- In June 2021, Avolon pre-ordered 500 VX4s from Vertical to place with its global airline customers.
- Including the recent order, Avolon has now placed 450 of its VX4 pre-orders with several airlines.
- The endorsement of the VX4 by AirAsia represents the aircraft’s first expansion into Southeast Asia.
- The VX4 is a piloted four-passenger, zero operating emissions electric aircraft projected to fly at speeds of up to 200mph, over a 100-mile range.
- Price Action: EVTL shares closed higher by 1.00% at $7.08 on Tuesday.
