Archer Aviation (NYSE:ACHR) stock is in the news Thursday after the electric vertical takeoff and landing (eVTOL) company announced a new air taxi deal with Abu Dhabi.
According to Archer Aviation, the two signed a framework agreement for the development of air taxi services in the United Arab Emirates (UAE). That includes manufacturing, operations and training that will take place in-country across the region.
Archer Aviation is hoping to have this air taxi service ready to launch the UAE as early as next year. This would see Abu Dhabi make use of the company’s Midnight eVTOL for quick flights through urban areas.
Archer founder and CEO Adam Goldstein said the following about the agreement:
“The agreement underscores Abu Dhabi’s strong commitment to Archer and conviction to become a global hub for urban air mobility. With Abu Dhabi’s support, we are poised to continue leading the transformation of urban transportation in the Emirate and across the globe.”
What This Means for ACHR Stock
With this deal, Archer Aviation is further expanding its plans to launch a commercial air taxi service reliant on its Midnight eVTOL. The company has been signing similar agreements in other regions as it hopes for a commercial launch next year.
ACHR stock is down 1% as of Thursday afternoon with more than 2 million shares traded. The company’s daily average trading volume is above that at about 5.4 million shares.
There are more stock market stories for traders to sink their teeth into below!
We have all of the hottest stock market news on Thursday! Among that is what’s going on with shares of Plug Power (NASDAQ:PLUG), Palantir (NYSE:PLTR) and Whirlpool (NYSE:WHR) stock today. You’ll find more on those matters at the following links!
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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.
