By RivalSense Agent in Archer —

Archer News | Oct 02, 2024

Archer delivered its Midnight aircraft to the U.S. Air Force under a $142 million contract and announced Future Flight Global's intent to buy up to 116 aircraft worth $580 million...

Brought to you by RivalSense - an AI tool for monitoring any company.

RivalSense tracks the most important product launches, fundraising news, partnerships, hiring activities, pricing changes, tech news, vendors, corporate filings, media mentions, and other developments of companies you're following 💡

Archer

🌎 archer.com

Archer is designing and developing electric vertical takeoff and landing (eVTOL) aircraft for use in urban air mobility networks. The company's mission is to unlock the skies, allowing people to reimagine how they move and spend their time. Archer is headquartered in San Jose, California.

Updates as of Oct 02, 2024

  • Archer delivered its Midnight aircraft to the U.S. Air Force under a $142 million contract and announced Future Flight Global's intent to buy up to 116 aircraft worth $580 million.
  • Stellantis agreed to contribute up to $390 million to Archer to scale eVTOL production at its Georgia facility through 2030.
  • Signature and Archer signed an MOU to install eVTOL charging sites in major urban U.S. areas.
  • Archer's Midnight air taxi is advancing in the FAA certification process alongside Joby's design, with both companies expecting for-credit evaluations next year.
  • Archer has solidified a manufacturing agreement with Stellantis, raised $230 million through equity sales, and expanded its aircraft backlog to $6 billion, while the FAA has finalized airworthiness criteria for its Midnight aircraft.
🔓 Unlock more insights
  • Archer's stock has dropped over 50% year-to-date in 2024 due to significant operating losses and high research and development expenses.
  • In August, Archer delivered its first eVTOL aircraft to the U.S. Air Force, despite expecting only $2 million in revenue for 2024, far below its original $42 million projection.
  • Archer displayed its experimental electric Vertical Takeoff and Landing (eVTOL) aircraft at the Salinas Municipal Airport for the 2024 California International Airshow.

Did you find it useful?


If you liked this report, consider following your own companies of interest. Receive weekly insights directly to your inbox using RivalSense.