Archer Aviation approved to begin test flights by FAA, hires former Apple engineering director
Dec. 02, 2021 2:31 PM ETArcher Aviation Inc. (ACHR)ACHR.WSBy: SA News Team2 Comments
- Archer Aviation (ACHR +5.8%) shares rise as the company hires a former Apple director of engineering in the Apple Special Projects Group and receives a special airworthiness certificate for its Maker aircraft from the FAA.
- Michael Schwekutsch, a director in the Apple group that is reportedly working on self-driving cars and an ex-Tesla engineer, will join Archer as its senior VP of engineering. Archer has already built its first electric-powered model, the Maker, which can transport one passenger along with the pilot.
- Awarded after an FAA inspection, the special airworthiness certificate allows Archer to begin hover test flights with the aircraft. Archer is working on a second eVTOL that can carry four passengers and hopes to begin commercial eVTOL flights in 2024.
- SA contributor ZMK Capital believes that valuations for Archer and rivals Joby Aviation and Lilium are too high for an unproven eVTOL market.