“[New billionaires in fast-growing countries] have to buy longer-range airplanes. If you’re flying from Mongolia to Nigeria, it’s either a three-day journey flying commercial or a nine-hour flight on your jet.”
XOJet Goes on a Buying Spree
XOJet-a provider of business jet ownership, leasing and on-demand travel solutions-is expanding its fleet of Cessna Citation Xs. The company, which expects to own 17 of the Citations by the end of this year, has ordered 30 more of the high-speed, super-midsize jets, which are valued at a total in excess of $600 million. San Carlos, Calif.-based XOJet said the 30 aircraft will be delivered from the first quarter of 2008 through the fourth quarter of 2010. The company has also ordered 20 Bombardier Challenger 300s and taken options for another 60, a deal valued at about $1.9 billion. Deliveries are scheduled to start in 2008. XOJet expects its fleet to include 127 business jets by 2012.