Why Archer Aviation Stock Soared 18.5% Higher Last Month

Archer Aviation (NYSE: ACHR) stock surged in July's trading. The company's share price rose 18.5% in the month, according to data from S&P Global Market Intelligence.

Thanks to a series of positive developments, Archer Aviation was able to post gains despite volatility in the broader market. The flying-taxi specialist attracted new investment from Stellantis, received positive analyst coverage, and benefited from other bullish catalysts.

Archer is a pioneering player in electric vertical take-off and landing (eVTOL) aircraft -- or "flying taxis" as they're often called. The company has been holding successful test flights for its Midnight vehicle, and it recently confirmed that it's on track to complete a facility late in 2024 that will be able to produce 650 of the eVTOL aircraft each year.

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Source Fool.com