ACHR - Why Archer Aviation Gained Altitude in November
2023-12-04 14:48:48 ET
Flying taxi start-up Archer Aviation (NYSE: ACHR) picked up a couple of big orders in November and received some bullish sentiment from Wall Street. Add it all up, and Archer shares were up 25.9% for the month, according to data provided by S&P Global Market Intelligence , as investors begin to grasp the total size of the potential market opportunity for Archer.
Archer is working to commercialize an electric vertical takeoff and landing (eVTOL) aircraft designed to ferry a few passengers on short flights. The company sees a bright future for eVTOLs bypassing crowded urban streets, replacing existing taxi and ground transport services with fast, reliable flights.
The company was active during the Dubai Air Show in November, announcing several deals that show the global potential for their designs. Air Chateau International, a United Arab Emirates transportation company, signed a memorandum of understanding with Archer to acquire up to 100 of the company's Midnight eVTOL aircraft, valued at about $500 million.
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Why Archer Aviation Gained Altitude in November