Why Archer Aviation Stock Gained Altitude in July

The experimental new aircraft under development at Archer Aviation (NYSE: ACHR) is not yet cleared for takeoff, but in July, the company announced the expansion of a key partnership that suggests things are moving in the right direction.

Shares of Archer soared 63% in the month, according to data provided by S&P Global Market Intelligence, on the strength of an important new hire and an eye-catching deal with the Pentagon.

Archer is working to commercialize an electric vertical takeoff and landing (eVTOL) aircraft designed to ferry a small number of passengers on short flights. eVTOLs have a lot of promise deployed as "flying taxis" to bypass crowded streets, but there is a lot of competition racing to bring a plane to market.

Source Fool.com