ACHR - ACHR Stock Alert: Archer Aviation Preps for Expansion in India
2024-04-19 12:32:49 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Archer Aviation (NYSE: ACHR ) stock is in the news Friday after the electric vertical takeoff and landing (eVTOL) company announced plans to expand its business to India .
According to recent comments from Archer Aviation CEO Adam Goldstein, the company is looking to hold a trial for its aircraft in the country next year. That would see it prepare for a commercial launch of an air taxi service starting in 2026.
If all goes well, this would make India the first international air taxi service Archer Aviation launches. However, it won’t be the first market it operates in. The company is seeking to start its air taxi service in the U.S. next year.
Archer Aviation will also face competition in India from Joby Aviation (NYSE: JOBY ). Both companies want to offer air taxi services in India using their eVTOLs.
What This Means for ACHR Stock
Archer Aviation’s decision to expand its business to India could be a positive catalyst for ACHR stock. Even so, traders want to see how the company handles commercial flights before putting too much faith in the stock.
As a result, shares of ACHR stock are down 1.7% on Friday afternoon despite the expansion news. This also comes with a low trading volume of 1.5 million shares as compared to a daily average of 5.6 million units.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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