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Archer Aviation Inc. (NYSE: ACHR) is pioneering the future of urban air mobility with the design and development of fully electric vertical takeoff and landing (eVTOL) aircraft. The core mission of the company is to revolutionize urban transportation by introducing sustainable, efficient, and safe electric air taxis.
Headquartered in Santa Clara, CA, Archer aims to reduce urban congestion and commute times by providing an innovative alternative to traditional ground transportation. Archer’s flagship aircraft, the Midnight, is designed to perform rapid back-to-back flights with minimal charge time between flights. This piloted, four-passenger vehicle boasts a low-noise profile, positioning it as an environmentally friendly option for urban travel.
Archer has made significant strides in the regulatory landscape, securing both Part 135 and Part 145 certificates from the Federal Aviation Administration (FAA), positioning it to commence commercial operations. The company has also achieved the issuance of final airworthiness criteria for the Midnight aircraft, marking a critical step towards Type Certification. Additionally, Archer is actively collaborating with prominent partners, such as United Airlines and Falcon Aviation, to expand its operational footprint globally, including strategic partnerships in the UAE and South Korea.
In recent developments, Archer has announced partnerships to advance urban air mobility (UAM) infrastructure. This includes the creation of vertiports in Dubai and Abu Dhabi, and joint ventures to establish training centers for future pilots. Notably, the company has also completed rigorous battery pack testing, reinforcing the safety and durability of its designs.
Financially, Archer demonstrates a robust liquidity position, maintaining over $520 million in liquidity as it advances its aircraft development programs. The company’s strategic investments and partnerships underscore its commitment to leading the urban air mobility revolution, with plans to launch across major global cities in the coming years.
Archer Aviation has unveiled its new electric vertical takeoff and landing (eVTOL) aircraft, Midnight, at an Open House event in Palo Alto, CA. Midnight, which can carry four passengers and a pilot, boasts an expected payload of over 1,000 pounds and is optimized for 20-mile trips with a rapid 10-minute charging time. Archer aims to achieve FAA certification for Midnight by late 2024 and plans to launch its urban air mobility (UAM) network in 2025. The design emphasizes safety, low noise, and sustainability, with zero operating emissions.
Archer Aviation (NYSE: ACHR) has partnered with Molicel, a leading lithium-ion battery manufacturer, to supply battery cells for its eVTOL aircraft, Midnight. This collaboration aims to optimize the aircraft for urban travel with short-distance flights and quick charging cycles. Molicel’s production capacity is set to increase with a new Gigafactory in Taiwan, producing 1.8 GWh annually. This partnership is a strategic move for Archer, advancing its commercialization goals while securing key technological advantages in battery performance and reliability.
Archer Aviation (NYSE: ACHR) has partnered with Garmin (NYSE: GRMN) to supply the G3000 integrated flight deck for its Midnight aircraft. This collaboration aims to streamline Archer's certification process by sourcing components already used in certified aircraft, which could lower development costs and timelines. Currently, Archer has selected over 64% of suppliers for Midnight’s materials, emphasizing its strategy to focus on key technologies while relying on established aviation leaders. This relationship is expected to enhance Archer's credibility and operational efficiency in the urban air mobility market.
Archer Aviation (NYSE: ACHR) has announced plans to establish a 350,000 square-foot manufacturing facility in Covington, Georgia, aimed at producing up to 650 electric vertical takeoff and landing (eVTOL) aircraft annually. Construction is expected to be completed in the first half of 2024, with initial production starting later that year. The facility has an expansion potential of 550,000 square feet, supporting a future capacity of 2,300 aircraft per year. Archer will invest $118 million over 10 years and is negotiating financing with Synovus Bank.
Archer Aviation Inc. (ACHR) reported significant milestones in Q3 2022, including the completion of its first wing-borne flight with the Maker aircraft and the announcement of a groundbreaking eVTOL route with United Airlines between Newark Liberty and Downtown Manhattan. The company has projected Q4 2022 operating expenses between $100 million to $110 million. Despite a net loss of $91 million in Q3, cash reserves remain healthy at $600.6 million.
Archer Aviation and United Airlines have announced the launch of their first eVTOL route connecting Newark Liberty International Airport (EWR) to Downtown Manhattan Heliport. This innovative route aims to provide passengers with a safe, quick, and cost-effective travel option, taking less than 10 minutes via Archer's all-electric Midnight aircraft. Set for implementation within the New York Metropolitan Area, this service marks a significant step in Archer's plan to build a national Urban Air Mobility network, with initial routes expected to commence by 2025.
Archer Aviation Inc. (NYSE: ACHR) will share its third quarter operating update and financial results on November 10, 2022, following market closure. A live conference call will take place at 2:00 p.m. Pacific Time to discuss the results. Investors can access the call by dialing 844-200-6205 domestically or +1 929-526-1599 internationally. A replay will be available on their investor relations website.
Archer is focused on developing electric vertical takeoff and landing aircraft for urban air mobility.
Archer Aviation (NYSE: ACHR) has announced the unveiling of its first production eVTOL aircraft, Midnight, at an Open House event on November 16, 2022. The aircraft, which supports four passengers and a pilot, is designed for urban air mobility and boasts a payload capacity exceeding 1,000 pounds with a quick 10-minute charging turnaround. Following a successful Preliminary Design Review in early 2022, Archer aims for FAA certification and has secured a $10 million pre-delivery payment from United Airlines for 100 units, demonstrating market confidence.
Archer Aviation Inc. (NYSE: ACHR) has appointed Dr. Michael Romanowski as Head of Government Relations to align the company's objectives with emerging aviation policies and regulations. With over 14 years at the FAA, Romanowski aims to advance eVTOL (electric vertical takeoff and landing) technology safely. His focus will be on developing a regulatory framework for the commercialization of Archer's aircraft, Midnight, following the recent close of its Preliminary Design Review. Archer seeks to establish Urban Air Mobility, emphasizing innovation, partnership, and safety.
Archer Aviation Inc. (ACHR) reported its second quarter 2022 financial results and progress towards commercialization. The company received a $10 million deposit from United Airlines for 100 eVTOL aircraft. Key achievements include the completion of flight tests and the Preliminary Design Review for its four-passenger aircraft, Midnight. Financially, total operating expenses were $80.2 million, resulting in a net loss of $71.7 million. Looking forward, Archer estimates third-quarter operating expenses between $95 million and $103 million.
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