Why Archer Aviation Stock Is Up Today
The U.S. Air Force took a big step toward eventually buying aircraft from Archer Aviation (NYSE: ACHR) today, and investors are excited to go along for the ride. Shares of the aerospace start-up climbed as much as 30% on Monday after it announced an expanded partnership with the government.
Archer is one of several companies working on commercial electric vertical takeoff and landing (eVTOL) aircraft capable of transporting a handful of people on short flights. The so-called "flying taxis" are likely to be used to bypass crowded roads or to ferry airline customers from outer suburbs to larger airports, but the military sees potential applications as well.
On Monday, Archer announced that the Air Force has agreed to acquire up to six of its Midnight aircraft for a total of up to $142 million. The company has worked with the Department of Defense since 2021, and the expanded partnership includes the sharing of flight-test data and certification-related reports, pilot training, and the development of maintenance and repair operations.
Source Fool.com
