Archer Aviation Inc Stock Price, News & Analysis

Archer Aviation Inc. (NYSE: ACHR) has announced it will release its second quarter 2024 operating update and financial results after market close on Thursday, August 8, 2024. The company will host a conference call and live webcast at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the results.

Investors can access the live webcast through Archer's investor relations website at investors.archer.com. For those preferring to listen via phone, the conference call can be accessed by dialing +1 404-975-4839 (domestic) or +1 833-470-1428 (international) with the access code 013488.

A replay of the webcast will be available on the investor relations website, and a telephonic replay will be accessible for one week following the call.

Archer Aviation Inc. (ACHR), a leader in eVTOL aircraft development, has received a significant award from California's Alternative Energy and Advanced Transportation Financing Authority (CAEATFA). The award, approved on July 16, 2024, involves sales and use tax exclusion incentives for Archer's planned $117 million advanced manufacturing project in California. This is believed to be CAEATFA's largest award in the advanced air mobility industry to date.

The incentives, expected to result in ~$10 million in benefits over the next few years, will support Archer's expansion of its electric powertrain and aircraft production facilities. This follows the company's recent completion of a high-volume battery pack manufacturing line in San Jose, capable of producing up to 15,000 proprietary battery packs annually. Archer aims to transform urban travel with its Midnight aircraft, designed for rapid back-to-back flights with minimal charging time.

Southwest Airlines and Archer Aviation have signed a memorandum of understanding (MOU) to develop operational plans for electric air taxi networks using Archer's eVTOL aircraft at California airports. This collaboration aims to transform urban travel by replacing lengthy car commutes with short, efficient air taxi flights, which are safe, low-noise, and have no direct emissions. The partnership will involve Southwest employees and unions to ensure efficient operations and possibly offer a streamlined airport transport service to Southwest customers. This initiative supports California's climate action goals by introducing zero-emission, cost-competitive transportation options. Both companies will work together over the next few years to integrate their services and enhance the travel experience.

Stellantis has invested an additional $55 million in Archer Aviation following a critical flight test milestone. This investment is part of their ongoing strategic funding partnership. Earlier in 2023, Stellantis made $39 million worth of open market purchases of Archer stock and invested $110 million under the same agreement. Archer is nearing the completion of a high-volume manufacturing facility in Covington, GA, expected to finalize later this year. This facility will support the production of up to 650 aircraft annually, leveraging Stellantis' manufacturing expertise. Archer aims to revolutionize urban travel with its electric vertical takeoff and landing (eVTOL) aircraft, reducing commute times significantly.

Archer (NYSE: ACHR), a leader in eVTOL aircraft, announced plans for an air mobility network in the San Francisco Bay Area. The network will connect South San Francisco, Napa, San Jose, Oakland, and Livermore, reducing travel times from 1-2 hours by car to approximately 10-20 minutes by air. Archer signed a memorandum of understanding (MOU) with Kilroy Realty (NYSE: KRC) to develop a critical hub at Kilroy Oyster Point in South San Francisco. The proposed hub, a 'Sea Portal,' will include facilities for eVTOL aircraft and electric ferry operations using renewable energy. The initial launch is targeted for late 2025. This initiative aims to provide efficient, sustainable, and low-noise transportation options, thereby enhancing connectivity and convenience for Bay Area residents and visitors.

Archer Aviation (NYSE:ACHR) and Signature Aviation have signed a memorandum of understanding (MOU) to electrify Signature's global network of over 200 private aviation terminals. This collaboration aims to launch Archer's air taxi services in major U.S. cities, including key United Airlines hubs at Newark and Chicago O'Hare, by the end of 2025. The MOU also plans for the installation of BETA's CCS rapid charging systems across these terminals. This partnership will enable Archer to establish a robust network of landing sites for its eVTOL aircraft, focusing on sustainable, efficient urban air travel.

Archer Aviation announced that its Midnight eVTOL aircraft successfully completed a transition flight on June 8th, achieving speeds over 100 mph. Weighing around 6,500 lbs, Midnight is one of the largest eVTOL aircraft to accomplish this milestone, essential for carrying commercially viable passenger payloads. This marks Archer's second full-scale eVTOL to achieve transition, a challenging feat in the industry. The transition flight involves vertical takeoff, forward acceleration, transition to wing-borne flight, and vertical landing. Archer is now progressing towards commercial readiness, with plans for piloted flight testing and certification by the FAA.

Archer Aviation announced that its subsidiary, Archer Air, has received its Part 135 Air Carrier & Operator Certificate from the FAA. This certification allows Archer to begin commercial operations, refining its systems before launching its electric aircraft, Midnight, into service for partners like United Airlines. Archer is one of only two air taxi manufacturers to be awarded this certification. The company is also developing a mobile booking app, vertiport technology, and proprietary operations software to enhance passenger experience. This milestone is part of Archer's progress towards launching a safe, sustainable, and low-noise air taxi service in the U.S.

Archer Aviation has partnered with KakaoMobility to advance urban air mobility in South Korea, aiming to commercialize eVTOL aircraft by mid-2020s. The partnership involves participating in Korea's K-UAM Grand Challenge, funded by the Ministry of Land, Infrastructure and Transport. KakaoMobility will pay Archer $7M in 2024 and make additional payments in 2025, planning to purchase up to 50 Midnight eVTOL aircraft worth approximately $250M. Public demonstration flights are expected in Q4 2024, with commercial operations targeting 2026. The collaboration aims to integrate air taxis into urban transport, reducing traffic congestion and enhancing sustainability.