Archer Aviation (NYSE:ACHR) stock is getting a boost on Friday after the maker of electric vertical take-off and landing vehicles (eVTOLs) signed a $500 million memorandum of understanding (MOU).
That MOU has Air Chateau International seeking to purchase 100 of the company’s Midnight eVTOL aircrafts. The company is making a pre-delivery payment of $1 million to secure its order of the Archer Aviation models.
The pre-payment from Air Chateau is due by the end of the year. Following that, the company will also make another $4 million in pre-payments to Archer Aviation for the 100 Midnight eVTOLs.
Adam Goldstein, founder and CEO of Archer Aviation, said the following about the deal:
“It was an honor hosting Air Chateau’s team at the Dubai Air Show 2023 during which they were able to touch, see and feel our aircraft as it headlined the show […] Their recognition that our Midnight aircraft meets what the customer demands in the UAE market and desire to secure the purchase of up to 100 Midnight aircraft is another exciting validation of our efforts to bring to market an aircraft that will revolutionize how people move in and around cities.”
ACHR Stock Movement on Friday
Despite the $500 million deal for Archer Aviation’s aircraft, shares of ACHR stock aren’t seeing much movement today. As of this writing, only about 558,000 shares of the stock have been traded. That’s still a far way off from its daily average trading volume of about 7.4 million shares.
Even so, shares of ACHR stock are up nearly 1% as of Friday morning. The stock is also up about 226% since the start of the year.
Investors looking for more of the most recent stock market stories will want to stick around!
We have more of the latest stock market news that traders need to read about on Friday! A few examples include what’s happening with shares of Applied Materials (NASDAQ:AMAT), Li Auto (NASDAQ:LI) and ChargePoint (NYSE:CHPT) stock today. All of that news is ready to go at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
