 "Archer Aviation Stock Takes Off On Plans To Launch First Commercial Electric Air Taxi Flights In Abu Dhabi: Retail Turns Bullish")
synopsis
The firm’s agreement with cross-industry stakeholders also includes plans to establish the first manufacturer of vertical electric vehicles in the Middle East and North Africa region.
Shares of Archer Aviation Inc (ACHR), which specializes in electric vertical takeoff and landing (eVTOL) aircraft, rose nearly 5% on Friday morning.
The rally follows the firm’s agreement with cross-industry stakeholders to launch the first commercial electric air taxi flights in Abu Dhabi and establish the first manufacturer of vertical electric vehicles in the Middle East and North Africa (MENA) region.
While the Abu Dhabi Investment Office, a key signatory to the agreement, will facilitate coordination among Abu Dhabi entities in preparation for launch of commercial operations, other parties include Abu Dhabi Airports, Falcon Aviation Services, Etihad Aviation Training, the General Civil Aviation Authority (GCAA), Global Air Navigation Services (GANS), Global Aerospace Logistics (GAL) and the Integrated Transport Centre (Abu Dhabi Mobility).
Archer Aviation will be the primary eVTOL aircraft manufacturer for the Emirate’s planned electric air taxi operations.
Following the announcement, retail sentiment on Stocktwits flipped into the ‘bullish’ territory (56/100) from ‘neutral’ a day ago.
Retail chatter on Stocktwits indicated significant optimism around the stock.
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The firm recently announced Talib Alhinai as its UAE lead who will spearhead the planned launch of Archer’s electric air taxis in the region.
The stock was in the spotlight recently after Archer Aviation’s director Deborah Diaz purchased 5,150 shares of the company at a price of $7.48, amounting to $38,522.
Meanwhile, during the third quarter, the company had announced a net loss of $115.3 million with cash and cash equivalents of $501.7 million.
Archer said that going into 2025, its focus is on building piloted, type-design aircraft for use in testing and early commercial deployment.
The firm also highlighted that it is nearing completion of Phase 3 of the FAA’s 4-phase type certification process while continuing to advance rapidly through Phase 4, the final phase to secure type certification.
Shares of Archer have gained over 38% on a year-to-date basis.
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