UAL - Why Archer Aviation Stock Is Gaining Altitude Today
United Airlines Holdings (NASDAQ: UAL) announced its first planned commercial route using "flying cars" made by Archer Aviation (NYSE: ACHR) , and Archer investors are getting excited about the potential of the partnership. Shares of Archer traded up as much as 13% on Thursday morning on the update.
Archer is one of several companies developing electric vertical take-off and landing (eVTOL) aircraft, a battery-powered airplane/helicopter hybrid designed to efficiently transport passengers over short distances. The company has partnered with United to commercialize its designs, and earlier this year, United made a $10 million predelivery deposit for 100 Archer aircraft.
On Thursday, United provided a hint about what it intends to do with the Archer aircraft. The airline said it plans to establish connections between Newark Liberty International Airport and the Downtown Manhattan Heliport once deliveries of the Archer eVTOL begins, providing a 10-minute connection between United's massive New York-area hub and the Manhattan business district.
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Why Archer Aviation Stock Is Gaining Altitude Today