Stock Track | Archer Aviation Soars on Major Air Taxi Order Potential from Japan Airlines-Sumitomo JV

Stock Track11-08

Shares of Archer Aviation Inc. (ACHR) skyrocketed on Thursday, November 7, 2024, surging 13.55% after the company announced a significant potential order for its electric air taxis. The stock rally was fueled by a deal with Soracle, a joint venture between Japan Airlines and Sumitomo Corporation, which secured the right to place orders for up to 100 of Archer's Midnight aircraft, valued at approximately $500 million.

The potential order, if confirmed, would include pre-delivery payments based on Archer achieving certain milestones ahead of aircraft delivery. This development marks a major milestone for Archer, as it demonstrates growing interest and confidence in its electric vertical take-off and landing (eVTOL) aircraft from prominent industry players in the aviation industry.

Soracle plans to launch its advanced air mobility operation in Japan using Archer's Midnight aircraft, with the goal of offering electric air taxi flights in cities where existing ground transportation is constrained by traffic or geographic barriers. The joint venture aims to establish a transportation network with flight routes in major cities such as Tokyo, Osaka, Nagoya, Hokkaido, Setouchi, and Okinawa, creating new value through mobility in the sky.

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(ACHR) skyrocketed on Thursday, November 7, 2024, surging 13.55% after the company announced a significant potential order for its electric air taxis. 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