ACHR - Why Archer Aviation Stock Is Flying Higher Today
2024-07-12 12:37:03 ET
Archer Aviation (NYSE: ACHR) has a deal with Southwest Airlines (NYSE: LUV) to develop air taxi networks in California.
It is a big sign of confidence in the "flying car" start-up and investors are excited about the development, sending Archer shares up 11% as of 11:30 a.m. ET.
Archer is one of several companies working to develop electric vertical takeoff and landing (eVTOL) aircraft for commercial use. eVTOLs take off and land like helicopters, meaning they can operate out of areas without a runway, and can ferry a handful of passengers on short trips.
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Why Archer Aviation Stock Is Flying Higher Today