Archer Aviation (NYSE:ACHR) stock is in the news Thursday after the electric vertical takeoff and landing (eVTOL) company secured a commercialization partner in South Korea.
Archer Aviation is teaming up with KakaoMobility for its commercialization efforts in South Korea. This will have KakaoMobility acting as the owner and operator of Archer Aviation’s Midnight aircraft in the country.
KakaoMobility says it intends to start offering air taxi services to users of its Kakao T mobile app. The company has 30 million users on this app, who would benefit from reducing their average daily commute time of 90 minutes due to traffic.
Archer Aviation and KakaoMobility aim to offer air taxi services as early as 2026. The companies expect their first test flights in the country to start later this year.
Archer Aviation Chief Commercial Officer Nikhil Goel said the following about the partnership:
“Archer is expanding its international launch strategy to South Korea through this landmark partnership between Archer Aviation and KakaoMobility. Together, we are committed to revolutionizing transportation with Archer’s eVTOL aircraft, ushering in a future of cleaner, faster, and more efficient travel between and within Korean cities.”
ACHR Stock Movement on Thursday
Despite the new partnership, shares of ACHR stock aren’t seeing much in the way of trading today. As of this writing, only about 1.8 million shares of the stock have changed hands. That’s still well below its daily average trading volume of about 5.3 million shares.
ACHR stock is up 4.3% as of Thursday morning but is down 45.9% since the start of the year.
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On the date of publication, William White did not have (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.
