Eve Air Mobility (NYSE:EVEX) reached a major milestone in the Asia-Pacific market on Wednesday, announcing a binding purchase agreement with Tokyo-based AirX for up to 50 electric vertical take-off and landing (eVTOL) aircraft.
The deal, unveiled during a press conference at the Singapore Airshow, includes a firm order for two aircraft and options for an additional 48.
AirX, Japan’s largest public helicopter charter service, plans to deploy the zero-emission aircraft for sightseeing tours and "last-mile" urban transport in Tokyo and Osaka starting in 2029.
The agreement is a significant win for Eve, a subsidiary of Brazilian aerospace giant Embraer.
It solidifies a partnership that began with a non-binding letter of intent and converts a portion of Eve’s massive 2,800-unit backlog into firm, binding commitments.
The news provided a psychological floor for the stock, which has traded in a volatile range between $3.60 and $4 over the past week as investors weigh the capital-intensive nature of flight certification.
Eve is currently in an intensive testing phase following the successful first flight of its full-scale prototype in late 2025.
The company remains on track for type certification in 2027, supported by a $150 million financing round completed last year and a manufacturing facility in Taubaté, Brazil, capable of producing 480 units annually.