Archer Aviation (NYSE:ACHR) stock is in the news Wednesday after the electric vertical takeoff and landing (eVTOL) company announced new approval for its manufacturing.
The California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) is behind this with approval for the company’s $117 million manufacturing facility in the state. This will provide Archer with roughly $10 million in benefits.
Adam Goldstein, founder and CEO of Archer Aviation, said the following about the manufacturing facility expansion and fund:
“We are proud to receive this award from CAEATFA and represent the cutting-edge of transportation innovation that the State of California is backing […] As a leader in the electrification of aviation, we are working hard to help California meet its most ambitious climate goals.”
ACHR Stock Movement on Wednesday
Investors in ACHR stock appear unimpressed by the recent news from the company. This has the stock falling 3.9% as of Wednesday morning. Its shares are also down 10.8% since the start of the year.
That comes alongside weak trading volume for ACHR stock. Only about 3.8 million shares have changed hands as of this writing. That’s roughly half the company’s daily average trading volume of about 7.3 million shares.
Investors will want to stick around for more of the most recent stock market stories!
We have all of the hottest stock market news traders need to know about on Wednesday! That includes the latest news concerning shares of ASML (NASDAQ:ASML) stock, Rivian (NASDAQ:RIVN) stock and Longeveron (NASDAQ:LGVN) stock. You can catch up on all of this news at the links below!
More Wednesday Stock Market News
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
